Plans for the Philadelphia 76ers to create a new practice facility and office building along the waterfront of Camden, New Jersey, have taken a step forward, after the US state's Economic Development Authority (EDA) approved US$82m (€60.5m, £48.8m) in tax breaks for the team.

The agreement will see instalments of US$8.2m (€6m, £4.8m) paid out annually over a 10-year period to cover state corporate business taxes, on the premise that the new facility creates 250 jobs at the site, discounting positions created by construction work.

The 120,000sq ft (11,148sq m) location will give the 76ers a permanent home in place of its currently rented practice space at the Philadelphia College of Osteopathic Medicine. As it stands, the 76ers is the only team in the NBA that doesn't own a training space.

The project will potentially see real estate services company AthenianRazak work as the development manager, with INTECH Construction serving as construction manager.

In terms of design, Jacobs Global Buildings Design will work as the architect of record, while 360 Architecture will serve as the consulting design architect.

Officials from the EDA believe that the state and the city will be able to benefit from US$76.6m (€56.5, £45.6m) in taxes in the next 35 years from the project, with the relocation potentially spurring a number of economic benefits, including the prospect of commercial businesses opening around the area.

Construction is expected to begin in the autumn, with the team hoping to move into the facility in 2016.