Cobb County will go to court today to get approval of its financing plan on the $622 million Atlanta Braves stadium project planned for the Cumberland Mall area.
The authorization hearing for the county’s bond issuance is scheduled for 1:30 p.m.
The bond authorization hearing is a necessary step before the county can take on debt for the stadium, and would also be the time for stadium opponents to object to the county’s financing structure. It is unclear exactly how much the county will borrow, but commissioners have approved up to $397 million.
At least one protest has been filed, arguing the county cannot afford the estimated $24 million annual debt service payments without raising taxes on all Cobb taxpayers. It also argues that the county should have pursued a borrowing plan that would have required a public vote.
Cobb commissioners say the county can easily afford to pay back the loans through property taxes on businesses in the Cumberland area the ballpark will be built, an existing property tax that now goes to parks, $6 million in rent payments from the Braves and taxes on motels and rental cars.
Construction for the parkis expected to be finished before the Braves’ 2017 season.
Check back with ajc.com for updates.
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