On Wednesday, the Philadelphia Inquirer released a story detailing how Sixers ownership is exploring the possibility of building a new basketball arena at Penn’s Landing and lobbying local officials to have the project receive taxpayer support. As a reminder, the team’s lease at the Wells Fargo Center, owned by Comcast Spectacor, expires in 2031.
It should be noted that taxpayer support would not come via direct taxpayer dollars from the city, but through the state’s Neighborhood Improvement Zone (NIZ) Program. In an article Thursday, PhillyVoice’s Kyle Neubeck summarized what exactly that means:
“The Neighborhood Improvement Zone program (NIZ for short) is at the center of the proposal, which would allow for bonds to be issued on future revenue produced by the project.