Money to build the facility would come from development bonds from the city, which would be paid back with future tax revenue. The team confirmed the plans, and sources say the facility at Penns Landing would include other amenities along the waterfront, including a new home for the African-American Museum of Philadelphia and investment in minority-owned businesses.
The source says an arena project would provide thousands of jobs, plus billions of dollars in future tax revenue, for the city and state.
Of course, this is still a long way off. The lease at the Wells Fargo Center in South Philly doesn’t expire until 2031. But these things take a lot of time, and the team wants to get the ball rolling.