Atlanta Mayor Kasim Reed and Falcons owner Arthur Blank took what looked like a victory lap at Thursday morning’s Central Atlanta Progress Annual meeting, a little more than a week after the City Council approved a deal for a new $1 billion retractable roof stadium.
Blank told business elites assembled at the Georgia World Congress Center that the deal represents a commitment to the city of at least 30 years and up to 45 years. The Falcons lease would run 30 years with three five-year renewal options.
Under the deal, Invest Atlanta, the city’s development arm, would issue bonds backed by city hotel-motel taxes for $200 million of the estimated construction costs. The amount of hotel-motel taxes committed would climb to cover stadium expenses through 2050.
In addition to paying the rest of construction costs, the Falcons also have committed up to $70 million for infrastructure improvements and Blank’s family foundation and Invest Atlanta have each committed $15 million to help revitalize neighborhoods near the current Georgia Dome, which will be demolished.
“We’ve made a huge contribution and we’re thrilled to do that,” Blank said. “People ask me, ‘Why Atlanta?’ And my answer is very simple. ‘This is your football team. It’s been the Atlanta Falcons here for 47 years and this is where (the team) belongs.’”
Blank presented Reed with a red Falcons jersey bearing No. 1, and quipped that he had come to admire the mayor’s quickness and ability to read situations and react.
“We’re in the middle of free agency now,” Blank said. “We’re thrilled to add the mayor today to our roster.”
Ticking off a list of accomplishments — including the stadium deal — Reed said city leaders made tough decisions.
“We pulled it together, and we got it done,” Reed said.
Invest Atlanta’s board must still vote to approve issuance of bonds for the project. A vote hasn’t been scheduled. The agency’s next meeting is April 18.
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