The board of Invest Atlanta, the city’s economic development arm, has approved the use of public funds for a new Atlanta Falcons stadium.
The vote, held Thursday morning in downtown Atlanta, was the last political step before project financing could be secured.
The Georgia World Congress Center and the Atlanta City Council have already signed off on the plan.
Invest Atlanta’s stamp of approval was seen as a formality, but at one point before the vote, Mayor Kasim Reed, acting as board chair, took issue with another board member’s opposition.
“Are you going to make a speech or ask a question.”
“I’m going to finish”
Reed was taking on Julian Bene, who cast the lone vote against the deal. Bene questioned the value of a new stadium and said public funds could be better used elsewhere.
“You could add a wing to the aquarium, you could finish up the National Center for Civil and Human Rights, there are a lot of things you could do with that kind of money,” said Bene. ”My perception is that we’re switching one stadium for another and that we don’t get an additional amenity for the city.”
After the meeting, Reed touted the 8-1 vote. He said it showed the board understood the stakes of potentially losing a professional football team.
“Every example where a sports team moved to the suburbs in favor of the downtown has been a long-term bad decision for that city. Every example,” said Reed.
About $200 million of the project’s billion dollar price tag will come from Atlanta’s hotel-motel tax. The city’s total commitment over the life of the 30-year deal is expected to be more than $500 million.
At least $30 million of public and private money has been set aside for the struggling communities surrounding the proposed stadium. Part of the deal includes a provision that says no bonds can be issued until “community benefit” agreements are reached with those neighborhoods.
Yvonne Jones, chair of the neighborhood planning unit of English Avenue and Vine City, attended the meeting and said she was grateful to see the project move forward.
“The community benefit agreements – the way that it’s structured- we are very excited about the possibility and we look forward to working with all the people that are going to be participating in the project.”
Team officials are still working on a site location but have it narrowed down to two spots – one immediately north of the Georgia Dome, another on the south end. Whatever the location, planners expect the new stadium to be finished by mid-2017.
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