Rendering of the interior of Philips Arena. Provided by the Atlanta Hawks. AJC FILE PHOTO

Fulton County to refinance $60 million in bonds for Hawks renovation

Fulton County will have to refinance $60 million worth of loans on Philips Arena as part of a plan to refurbish the building, Fulton County Commission Chairman John Eaves said.

The Hawks basketball team plans to contribute $50 million toward a $192.5 million renovation of the arena. Fulton County is a part-owner of the property as part of the Atlanta-Fulton Recreation Authority.

Work is underway on a $192M renovation at the home of the Atlanta Hawks.

Eaves said by refinancing the bonds, Fulton will serve as a backstop to the Hawks if the team folds. As part of the deal, Fulton is asking the Hawks to set aside $500,000 for community benefits, like refurbishing neighborhood basketball courts.

A spokesperson for the Hawks declined to provide more details about the bond refinancing.

Atlanta Hawks CEO Steve Koonin called Eaves and other county commissioners last month, imploring them to vote in favor of the bond refinancing. The Atlanta City Council in June approved the use of car rental taxes to fund the majority of the city’s $142.5 million investment in the renovations.


The AJC's Arielle Kass keeps you updated on the latest happenings in Fulton County government and politics. You'll find more on, including these stories:

Never miss a minute of what's happening in Fulton politics. Subscribe to

Support real journalism. Support local journalism. Subscribe to The Atlanta Journal-Constitution today. See offers.

Your subscription to the Atlanta Journal-Constitution funds in-depth reporting and investigations that keep you informed. Thank you for supporting real journalism.