New impact study released on financial effect of proposed 76ers arena in Center City
According to the report, the project would add an estimated $472 million in state tax revenue.
PHILADELPHIA (WPVI) -- A new impact study on the financial effect of the proposed 76ers arena, '76 Place,' in Center City was released on Wednesday.
The analysis was conducted by MuniCap Inc. and commissioned by the development team behind the arena proposal.
According to the report, the project would add an estimated $472 million in state tax revenue.
This would be in addition to the $1 billion that officials say would be generated for Philadelphia.
The city also commissioned its own independent study of the proposed arena. Those results are expected this fall.
There is still strong opposition to the proposed arena around the city.
The Philadelphia Chinatown Development Corporation (PCDC) announced its formal opposition to the arena back in March.
Those against the arena say they are mainly concerned with the deterioration of Chinatown culture, parking and traffic congestion, and increasing rent.
The Wells Fargo Center also tweeted its opposition to the new study on Wednesday, calling the plans "unrealistic."
READ | Up close: Debate over proposed 76ers arena near Chinatown heats up | Nydia Han talks with both sides
