Mosaic Development Partners JV转发了
Owner @ Lotus, a Wellness Brand | RE Developer | Former Therapist + Contractor | Non-Profit Board Member
This is exciting. I grew up 10 blocks from here and happy to see revitalization in this area!
Mayor Cherelle Parker details $50M community benefits agreement for new Sixers arena - Philadelphia Business Journal In a public presentation of her agreement with the Philadelphia 76ers for a new Center City arena, Mayor Cherelle Parker outlined plans for the Sixers’ $50 million community benefits agreement and what she called the “best sports facility agreement in Philadelphia’s history.” The $50 million community benefits agreement calls for 70% of the funding to be spent in the first 10 years, rather than meted out equally over 30 years. Some $25 million is being earmarked for impacted communities near the arena and 97% of those funds would be distributed in the first 10 years. The remaining $25 million would be distributed to citywide initiatives. The arena still requires approval from Parker, who supports the project, and City Council. As part of the deal, the Sixers would also make an annual $6 million payment in lieu of taxes and use and occupancy payments for 30 years, funds set to benefit the city and the School District of Philadelphia. Parker noted that the arena is expected to generate $700 million in new tax revenue over the course of the 30-year agreement, expected to run from 2031 to 2061, making it the highest ever for a local sports facility. “In my view as your mayor, this is the best agreement, the best deal for our city right now,” Parker said Wednesday at the Philadelphia Convention Center. “I am proud to be here to affirm it.” Click the link below to read the entire story. https://lnkd.in/enbzhhQN 76 Place is being developed by 76 DevCo, a partnership between 76ers Managing Partners Josh Harris and David Blitzer and Philadelphia business leader David Adelman. 76 DevCo is collaborating with Mosaic Development Partners JV, a Philadelphia-based real estate development company certified MBE (Minority Business Enterprise).
