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. But there is 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.