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Financial Deal Reached On New Falcons Stadium

March 7th, 2013

Atlanta Mayor Kasim Reed and Atlanta Falcons owner Arthur Blank announced today they’ve reached an agreement on some terms for the construction of a new stadium in downtown Atlanta.

There are still some details that haven’t been worked out. Martha Dalton reports:

But one key term that has been worked out is the money. The stadium’s estimated cost is $1 billion — $800 million of which will be paid for by the Falcons and other private donors. The remaining $200 million will come from the city’s hotel/motel tax.The audio of the story, as broadcast.

Under the deal, the Arthur Blank Foundation and Invest Atlanta, the city’s economic development arm, will invest $30 million in the English Ave, Vine City, and Castleberry Hill neighborhoods. The deal also calls for the Falcons to spend $50 million in infrastructure costs related to stadium construction.

What hasn’t been worked out yet is the location. There are two under consideration. A “southern location” would require reaching a real estate deal with a longstanding neighborhood church. The mayor said if that deal can’t be worked out, the parties will consider a “northern location.”

“Because we’re not going to force this deal. If we can’t get an agreement where both sides feel very good about this transaction, then we will move to the North site,” said Mayor Reed.

Governor Deal came to the press conference today to lend his support. Although it looks as though the proposal will not need the approval of the General Assembly, the City Council will have to sign off on it. Reed declined to give a timeline for when the proposal will be presented to the council … or for when they might cast a vote.