What’s in the Braves-Cobb deal

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What’s in the Braves-Cobb deal

Highlights of Cobb County’s stadium deal with the Braves:

  • Cobb County and the Braves “anticipate” a total project budget, including the stadium, parking and related infrastructure improvements, of up to $672 million. The county will be responsible for $300 million and the Braves for up to $372 million. (Plus interest in both cases.)
  • Of the county’s $300 million commitment, $276 million will come from bonds to be repaid over 30 years from a mix of new and existing taxes. Of the Braves’ $372 million, $92 million will come from additional bonds to be issued by Cobb and repaid with $6.1 million annual payments by the Braves to the county. In all, the Cobb-Marietta Coliseum and Exhibit Hall Authority will issue $368 million in bonds.
  • The Braves have the right to cut the project budget by up to $50 million, which would reduce the team’s contribution but not the county’s. (Braves executive vice president Mike Plant said such a reduction, if made, would be related to savings in the need for parking structures.)
  • The Braves will be responsible for cost overruns unless caused by changes requested by the county.
  • The Braves will hire the architect, subject to the county’s approval, and will manage design and construction.
  • The Braves will retain all revenue from the stadium (except for the $6.1 million annual payment to the county to repay the $92 million in bonds funding part of the team’s commitment toward construction). The Braves’ revenue streams will include tickets, concessions, parking, suites, sponsorships and naming rights, among others.
  • The Braves will be responsible for routine maintenance and operating expenses.
  • The team and county will make equal annual contributions into a fund for capital maintenance and repairs needed to keep the stadium up to Major League Baseball standards. The agreement does not specify the amount of those contributions.
  • The Braves commit to play in the stadium from the 2017 through 2046 seasons.

 

— Tim Tucker

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