Philadelphia mayor reveals the new 76ers deal to build an arena downtown

PHILADELPHIA (AP) — Philadelphia's mayor has revealed the terms of the deal negotiated with the city's pro basketball team for a new $1.3 billion arena downtown.

The agreement reached earlier this month calls for the Philadelphia 76ers to finance the entire project, with no city funding involved. There is, however, a provision that would let the NBA team make annual payments in lieu of taxes averaging $6 million per year. The agreement also calls for a $50 million investment in businesses, neighboring communities and the city’s schools to blunt the project's impact, Mayor Cherelle Parker said during a news conference Wednesday night.

“I truly am proud having made this decision and negotiated an agreement that will definitely ensure that our Sixers are staying home right here in Philadelphia, where they should be," Parker said.

City officials also released drafts of the nine bills and two resolutions needed to authorize the project, including measures that allow the city to acquire the arena property and change zoning rules. Parker said her administration would hold a series of town halls in the coming months where residents could discuss concerns about the proposal.