PHILADELPHIA -- 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.

Team owners say their planned "76 Place" project would improve a struggling retail corridor near City Hall and capitalize on public transit. They also have vowed not to renew the lease on their current space, a circa 1996 arena in the city's South Philadelphia sports complex, when their lease runs out in 2031.

The proposal has drawn significant opposition from activists in the city's Chinatown area, who fear it would disrupt or displace residents and businesses. They say the city has ignored concerns that the project will increase vehicle traffic in their pedestrian-friendly neighborhood and force vulnerable residents -- older people, low-income families and new immigrants -- to move out. Parker on Wednesday renewed her pledge to preserve the area, which is just over a block from the proposed arena site.

If ultimately approved by the City Council, demolition work in the area would begin in 2026 with construction starting two years later. Officials hope to open the arena in time for the 76ers' 2031-32 season.