The Falcons’ plan to build a $1 billion retractable-roof stadium in downtown Atlanta by 2017 passed its final significant hurdle Thursday, capping more than two years of negotiations.
According to the Atlanta Journal-Constitution, the city’s economic development arm voted 8-1 to approve issuing more than $200 million in bonds backed by city hotel-motel taxes to help finance the new stadium.
The Georgia Dome, now 21 years old, will be demolished once the new stadium opens.
Mayor Kasim Reed told the paper the deal will keep the team in Atlanta for the next 30 years.
“We’re not simply swapping one stadium for another. We’re building a best-in-class facility that will help us attract new events and retain the Falcons,” he said, adding: “They were going somewhere … Whether that was the suburbs or another city, they weren’t staying here.”
Beyond $200 million in public money, the remaining cost, including overruns, will come from the Falcons and other private funds, the team said in a statement.
“We believe the final agreements put in place over the last several weeks represent a solution that serves the best interests of all involved, including the neighborhoods surrounding the new stadium,” owner Arthur Blank said.
“The Atlanta Falcons are excited about the opportunity to participate in a project that will be an iconic asset for downtown Atlanta, and serve as an economic development tool for many years to come.”
