Atlanta Falcons
Location: Downtown Atlanta.
Cost: An estimated $1.2 billion.
Public portion: An agreement reached last year by the Falcons, the city of Atlanta, the development authority Invest Atlanta, and the Georgia World Congress Center Authority calls for $200 million in bond proceeds to go toward construction of a retractable-roof stadium to open in 2017. The total bond issue would be as high as $278.3 million, with the rest used for interest payments during three years of construction and other costs. Later, hundreds of millions of dollars in additional hotel-motel tax funds could go toward maintaining and operating the stadium and debt service over 30 years. The rest will come from the Falcons, the NFL and personal seat license sales.
Opening: The Falcons' stadium is expected to be ready for the 2017 NFL season. However, Major League Soccer Commissioner Dan Garber said recently that the first event in the stadium will be opening day for Atlanta's yet-to-be-named soccer team, which will also call the facility home.
Quote: At the May 19 stadium groundbreaking, Falcons owner Arthur Blank said the building "will be iconic in every sense of the word. With the unique design, the 360-degree 60-foot-high video board, the retractable roof, the window to the city (and) the adaptability to many other events, our goal is for this building to be a landmark to the city and the state."
Atlanta Braves
Location: Cumberland area, Cobb County.
Cost: An estimated $672 million. A mixed-use development will be part of the stadium project.
Public portion: Cobb County will pay $276 million from the coliseum authority, which will issue 30-year revenue bonds to fund the county's share. Another $14 million will come from the county for transportation improvements, and $10 million, from the Cumberland Community Improvement District. Existing property taxes will account for $8.7 million of the county's contribution. There will be no increase in property tax millage rates for homeowners, but there are new taxes for others, including a 3-percent rental car tax; and a 3-mill property tax increase for businesses and $3-per-night charge for hotel rooms in the Cumberland Special Services District.
Opening: Opening Day 2017.
Quote: "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," a Braves news release said in November. It concludes by saying the agreement is "a very sound deal for the Braves, the Cobb taxpayer, and the Cobb business community."
Source: Atlanta Journal-Constitution news reports
