ATLANTA (AP) - Financing terms have been reached for the Atlanta Falcons' proposal to build a new $1 billion stadium, keeping the team's home games in the city's downtown, officials announced Thursday. The city council must now vote on the proposal.
The public contribution to stadium construction through hotel-motel tax revenue will be capped at $200 million and the Falcons will pay $800 million, said Atlanta Mayor Kasim Reed. He made the announcement with Falcons owner Arthur Blank and Georgia Gov. Nathan Deal.
The Georgia World Congress Center Authority, which owns the Georgia Dome, would also own the new stadium.
The Falcons franchise is also responsible for an additional $50 million for infrastructure-related costs associated with construction, and has agreed to pay for any budget overruns. Those costs are not included in the $1 billion construction budget.
Officials are looking to build the new stadium immediately south of the roughly 20-year-old Georgia Dome, and say they would have to buy land that is not yet publicly owned to do that.
Team owner Arthur Blank said the new stadium will help the city compete for all major events - including the Super Bowl.
City Council President Ceasar C. Mitchell said he was encouraged by the city and the franchise agreeing on financing terms, and that public hearings on the stadium will be held in the near future.