Cobb County government will spend $300 million on a new Atlanta Braves stadium and mixed use development near the interstates 75 and 285, according to a summary of the financial agreement released Thursday morning.
All told, the development will cost $672 million, with the Braves covering the rest of the costs.
The release says the team, county and Cobb-Marietta Coliseum Authority, which will own the ballpark, are still finalizing a Memorandum of Understanding, which will be the legal document guiding the partnership.
But a summary of details of the MOU show that the county will pay:
- $276 million from the coliseum authority, which will issue 30-year revenue bonds to fund the county’s share.
- $14 million from the county for transportation improvements.
- $10 million from the Cumberland Community Improvement District.
Existing property taxes will account for $8.7 million of the county’s contribution. The release says there will be no increase in property tax millage rates for homeowners.
However, there are new taxes, including: a new 3-percent rental car tax; a new 3-mill property tax increase for businesses in a Cumberland Special Services District; a new $3 per night charge for hotel rooms in the special services district.
The Braves will cover $92 million of the bonded debt by contributing $3 million in rent; $1.5 million in naming rights; $1.5 million in parking revenue; and $100,000 in advertising revenue. The team has agreed to commit at least $230 million up front.
The Braves released a statement Thursday morning saying it was important to them that the deal ensure that the local community benefited from it.
“By taking on more than 90 percent of the upfront costs of the stadium, we are minimizing the amount that has to be bonded by Cobb County,” the statement says. It concludes by saying the agreement is “a very sound deal for the Braves, the Cobb taxpayer, and the Cobb business community.”
More details are expected to be released later today.