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Sixers Seeks $82M From State to Practice in NJ

By John George | Philadelphia Business Journal
|  Tuesday, Jun 10, 2014  |  Updated 8:42 AM EDT
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The Philadelphia 76ers are seeking an $82 million grant from New Jersey to build a new practice facility in Camden.

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The Philadelphia 76ers are seeking an $82 million grant from New Jersey to build a new practice facility in Camden.

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The Philadelphia 76ers have applied for an $82 million grant -- spread out 10 years -- from the state of New Jersey for a new practice facility and headquarters it hopes to build in Camden, N.J.

The amount became known Monday when the New Jersey Economic Development Authority listed the annual figure, $8,204,050, on its agenda for discussion at its June 10 meeting.

The Sixers are seeking the grant under the "Grow New Jersey Assistance Program," which provides tax breaks to companies that bring jobs to distressed areas in the state.

That program provided funding to 10 other companies since last year, ranging from $972,790 a year for 10 years awarded to Vintage Pharmaceuticals to create 25 jobs in Cranbury, N.J., to $39.5 million a year for 10 years awarded to Biovail Americas, which created 550 new jobs and help retain 270 jobs in Bridgewater, N.J. Read more about this story on PBJ.com.

For more breaking business news go to PBJ.com

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