Officials React To Release of Stadium Financing Details

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.   

The largest portion of local funding would come from a total of more than $260 million dollars in property tax revenue over 30 years.  But Cobb Commission Chairman Tim lee says homeowners will not see any property tax increases. Instead, he says tax money currently dedicated to paying off several park and recreation bonds set to expire in 2017 will be transferred to the project.

“I believe the economic benefit that we realize that’s we realize through increased property values and increased sales tax will more than offset the investment being made by the county at this point.”

Also included in the local contribution: hotel-motel tax funding, a new three percent rental car tax and a $3 per room, per night charge for hotels located in the Cumberland Community Improvement District (CID). The plan also calls for a tax increase for businesses in that district. But Lee says business owners are on board with the plan.

“I went and spoke with the leadership of the Cobb-Cumberland CID late last week, and the leadership represents over 70 of the businesses in that district and they’re very supportive and they look at it as a positive investment of the community and in that area.”

The plan also includes $14 million dollars in transportation improvement funding and another $10 million from the Cumberland Community Improvement District. Meanwhile, officials say the Braves would pay the rest. Lance Lamberton with the Cobb Taxpayers Association is glad homeowners won’t see increased property taxes, but he dislikes the use of taxpayer money for the project.

“This is a private sector, private entertainment venue for profit and taxpayer dollars really shouldn’t be involved in funding an enterprise like this.”

Officials say the stadium property will be bought by the Atlanta Braves, but the portion where the stadium will sit will be transferred to the Cobb-Marietta Coliseum and Exhibit Hall Authority and leased to the Braves. Bonds for the project will be issued by the Authority. The Cobb Commission will vote on a memorandum of understanding for the project on November 26.