Local

Details Of Braves Stadium Financing Released

November 14th, 2013

The Atlanta Braves and Cobb County have released funding details for the $672 million stadium that’s proposed for Cobb County. If approved, the memorandum of understanding (MOU) would be between the Atlanta Braves, Cobb County, and the Cobb-Marietta Coliseum and Exhibit Hall Authority. The terms of the MOU is thirty years and would begin in 2017. The Braves have the right to extend the term for an additional five years.

Under the agreement, the Braves would pay $372 million or 55 percent. Meanwhile, county officials say the local contribution would be $300 million or 45 percent. When you add in interest, that adds up to $537 million dollars over 30 years.

Under the local commitment, there would be a transportation improvement contribution of $14 million. Another $10 million would come from the Cumberland Community Improvement District. The Cobb-Marietta Coliseum and Exhibit Hall Authority will issue $368 million of the 30 year revenue bonds. The Braves will cover $92 million of those bonds. Annual payments on the remaining $276 million will be paid with the county’s hotel-motel tax, reallocation of property tax revenues, a new 3 percent rental car tax, new Cumberland Special Service District Tax and a new Cumberland Special Service district hotel circulator fee.

According, to county officials, there would be no increase in property tax millage rate for Cobb County homeowners. The new Cumberland Special Service District Tax would consist of an approximately three mills property tax increase in the approximate footprint of the Cumberland CID.

The Cobb County Board of Commissioners is expected to vote on the agreement during a November 26 commission meeting.

Note: WABE reporters are pursuing this story, and we hope to provide updated and expanded information as the day goes forward.

Summary of Memorandum of Understanding between Cobb County and the Atlanta Braves (PDF)

Infographic about the Braves/Cobb agreement (PDF)

Atlanta Braves – Fact Sheet on Move to New Stadium (PDF)