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Philadelphia 76ers call analysis "fatally flawed" after report shows new arena could cost city $900M in tax revenue
cbsnews ^ | 02/22/2024 | Dan Snyder

Posted on 02/23/2024 12:42:31 PM PST by ChicagoConservative27

PHILADELPHIA (CBS) -- A new analysis is adding fuel to the feud over the proposed Philadelphia 76ers arena on Market East.

University of Pennsylvania grad and University of Washington professor Albert Alcoin released a study Thursday showing what he says could be economic consequences to businesses and tax revenue if the arena moves forward.

"There are clearly some potential negative impacts on businesses that need to be taken into account," Alcoin said.

Alcoin based his analysis on a 2022 study that found there were "little to no tangible impacts of sports teams and facilities on local economies.

From there, Alcoin says he looked at the possibilities of different scenarios factoring in five years for construction and 30 years of arena operations. In his "low" impact scenario, which would see a 5% drop for businesses during construction and 3% during operations, Alcoin estimated 170 businesses could close over the 35-year span, costing the city more than $227 million in lost taxes.

(Excerpt) Read more at cbsnews.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Your Opinion/Questions
KEYWORDS: analysis; arena; flawed; philadelphia
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I am sure the city council is all for this.
1 posted on 02/23/2024 12:42:31 PM PST by ChicagoConservative27
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To: ChicagoConservative27

its flithy philly, so Jimmy crack corn...


2 posted on 02/23/2024 12:46:05 PM PST by BigFreakinToad (Remember the Biden Kitchen Fire of 2004)
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To: ChicagoConservative27

Market East has never been the economic driver that was expected in such a prime location. Building a new arena in such a location almost seems illogical. The Phillies tried that idea in China Town. It would have been really magnificent but a complete nightmare all things considered to the community.


3 posted on 02/23/2024 12:51:02 PM PST by shanover (...To disarm the people is the best and most effectual way to enslave them.-S.Adams)
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To: ChicagoConservative27

FIVE YEARS for the construction!??

What, are the construction outfits working it in on the weekends between work on their regular contracts?


4 posted on 02/23/2024 12:54:18 PM PST by citizen (Put all LBQTwhatever programming on a new subscription service: PERV-TThose look good)
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To: ChicagoConservative27

Most sports and entertainment venues have no real economic benefit foe a city. The only exceptions are those that attract a flood of visitors for major events who wouldn’t otherwise be spending money in that region. Examples of these would include NASCAR tracks, top NCAA Division I football stadiums, Churchill Downs, and large convention centers.


5 posted on 02/23/2024 12:54:29 PM PST by Alberta's Child (If something in government doesn’t make sense, you can be sure it makes dollars.)
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To: ChicagoConservative27

I can conceive where this may be true. If they build a new stadium that is totally self contained which has been the trend - isolated, plenty of parking, direct access from highways or direct train stop, and internally contains a lot of stadium vendors (restaurants, bars, cafes etc) and similar amenities- then there is no reason for attendees to patronize any independent local businesses. They drive in, consume on site, and drive away.

Contrast that to older stadiums where the local community has eateries, bars, shops, parking lots etc and the local businesses have some good revenue days. They take that all away if they relocated and consolidate to capture every last time of discretionary spending inside the arena.

What is the effect on taxes? Good question. If they give tax breaks, then they lose those tax revenues while driving down property values where the old stadium was located. As for sales tax revenue, one thing is sure people won’t gravitate to a neighborhood or arena that has no charm or reason to go. If the stadium is so isolated, there is no reason to go near it except on event days.


6 posted on 02/23/2024 12:57:47 PM PST by monkeyshine (live and let live is dead)
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To: ChicagoConservative27

Alcoin is basing his calculations solely on pre -pandemic or pre “let BLM loose” thinking. It would be true if there were actually people downtown , filling office buildings every day, staying in-town to shop, etc. BUT they are not going to be there anymore and maybe, Maybe sports will draw them in to the city


7 posted on 02/23/2024 12:58:36 PM PST by sopo
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To: BigFreakinToad

On their path to being the next Oakland, where decades of total control by Leftists has resulted in every one of their major sport professional teams leaving in the last 5 years, with the A’s move delayed a bit until their stadium is built outside of Las Vegas.

The Raiders and Warriors are already gone.


8 posted on 02/23/2024 12:59:23 PM PST by MTBobcat (The “rank-and-file” are as corrupted as their leadership.)
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To: shanover

Thier is another pan to put a hotel, resident areas, and more shops at the Sports Complex.


9 posted on 02/23/2024 1:02:29 PM PST by cowboyusa (YESHUA IS KING OF AMERICA! DEATH TO MARXISM AND GFLOBALISM ! AMERICA, COWBOY UP!)
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To: monkeyshine

A great web site that explores all the questions you are raising:

https://www.fieldofschemes.com/

You can search by location, sports, teams etc.

The big picture is that the team owners and developers over promise and under deliver—and bribe politicians to get what they want.


10 posted on 02/23/2024 1:04:21 PM PST by cgbg ("Our democracy" = Their Kleptocracy)
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To: ChicagoConservative27

Just think how many illegal aliens that would feed


11 posted on 02/23/2024 1:04:45 PM PST by NWFree (Sigma male 🤪)
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To: MTBobcat

All these blue cities will eventually be Oakland or NYC.


12 posted on 02/23/2024 1:10:29 PM PST by BigFreakinToad (Remember the Biden Kitchen Fire of 2004)
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To: ChicagoConservative27

IMHO, all professional sports teams should pay for their own facilities.


13 posted on 02/23/2024 1:20:50 PM PST by jimtorr
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To: ChicagoConservative27

Then if you rent a car or stay at a hotel in Philly they hit you with the new sports complex tax. Legalized theft getting forced to contribute to a project that benefits you by zero. Morons who moan about Joel Osteen’s prosperity but saying nothing about the confiscation of their revenues by enforced taxes.


14 posted on 02/23/2024 1:21:18 PM PST by tflabo (Truth or tyranny)
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To: BigFreakinToad; All

Looked up, said to be around 10th or 11st Streets..yet in 2020 another site was mentioned—Penn’s Landing, on the water.

Five years to build? Well:
>>The Sixers’ lease with the Wells Fargo Center isn’t up until 2031 so the process may take a while. It’s been the team’s homecourt since the building opened in 1996.
(CBS Philly 8-27-20)

NBA.com:
>>The development will be completed in time for the 2031-2032 NBA season. Ground-breaking for the proposed project is not expected for several years. The general public and fans can stay up to date on the progress of the development project by visiting 76Place.com.

In Boston for awhile there were dreams of a megaplex that could be new homes for Red Sox, Patriots... as the Bruins and Celtics play downtown at TD Garden
>>The Boston Sports Megaplex was a sports megaplex that was proposed in the mid-1990s to replace Fenway Park, Foxboro Stadium, and create a new convention center.—Wiki

Instead, Bob Kraft built Gillette Stadium-—after flirting with Hartford—and Red Sox opted to stay at Fenway and renovate (another plan would have led to new Fenway nearby).
I believe Kraft put up his stadium with private funds but state kicked in for infrastructure/ roads


15 posted on 02/23/2024 1:24:14 PM PST by raccoonradio
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To: shanover

Are they talking just east of City Hall?


16 posted on 02/23/2024 1:25:05 PM PST by EEGator
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To: raccoonradio

Currently Philly’s sports teams are all south of the city with Citizens Bank Park for Phillies (saw game there a couple years ago), Lincoln Fin. Field for Eagles, and Wells Fargo Ctr for Flyers and 76ers.


17 posted on 02/23/2024 1:26:59 PM PST by raccoonradio
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To: BigFreakinToad

I moved back to Montana in 2022 after 25 years in Portland. Grew up here and love it and the politics of the city I live in is a 180 from what Portland turned into during the time we raised our family there.


18 posted on 02/23/2024 1:30:00 PM PST by MTBobcat (The “rank-and-file” are as corrupted as their leadership.)
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To: EEGator

A few blocks east. City Hall is on N/S Broad St aka 14th St, while the “Fashion District” is around 10th and 11th streets I believe


19 posted on 02/23/2024 1:30:08 PM PST by raccoonradio
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To: MTBobcat

smart move on your part, that place is a $hit show


20 posted on 02/23/2024 1:35:38 PM PST by BigFreakinToad (Remember the Biden Kitchen Fire of 2004)
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