Falcons and the city of Atlanta reach an agreement on a new stadium

According to the Atlanta Journal Constitution, Falcons’ owner Arthur Blank and the city if Atlanta have reached an agreement on a new downtown stadium.

Under terms to be announced this afternoon by Reed and Falcons owner Arthur Blank, the Falcons would assume responsibility for $50 million in infrastructure costs related to the stadium.

Also, the Arthur Blank Family Foundation would invest $15 million in projects aimed at boosting English Avenue, Vine City, Castleberry Hill and other neighborhoods close to the stadium.

In addition, Invest Atlanta, the city’s economic development agency, would commit another $15 million in tax allocation district dollars for economic development projects in the area.

The terms to be announced today also call for an equal opportunity plan that will ensure at least 31 percent participation in design and construction by women and minority business enterprises.

Today’s announcement does not mean a final deal is in place among all parties. The Falcons and the Georgia World Congress Center Authority continue to negotiate terms of a memorandum of understanding that spells out their deal.

Various aspects of a deal will ultimately require approvals from the Atlanta City Council, GWCCA board, Invest Atlanta and the Fulton County Commission.

The public contribution for stadium construction will be capped at $200 million, which would come from the hotel-motel tax collection by the city of Atlanta and unincorporated Fulton County.

Invest Atlanta would be asked to issue the bonds using the hotel-motel tax that currently supports the Georgia Dome. The city’s economic development arm became involved after state political leaders balked at issuing construction bonds through the state.

The rest of the cost of the $1 billion facility would come from the Falcons and other sources.

 

 

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