With the Philadelphia 76ers’ quest for a new Center City arena entering a crucial phase, the team said Thursday that it is willing to transfer the Market Street property to public ownership to give the city greater influence on the project. 

The Sixers said it is also prepared to remove the existing tax increment financing (TIF) structure currently in place at the arena site until 2035 to increase tax revenue for the School District of Philadelphia and the city. The Sixers project the arena will generate more than $1 billion in new tax revenue for the city, state and school district.

*Article courtesy of Philadelphia Business Journal

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