Atlanta Falcons owner Arthur Blank and Atlanta city mayor Kasim Reed announced an agreement this afternoon between the team and the city for a new stadium to be built in downtown Atlanta. The deal has not been finalized yet, and the final site for the new stadium won’t be chosen until it is. But it appears likely that a site adjacent or near the current Georgia Dome will be chosen.
Under the proposed deal, $200 million will be contributed by the city via the hotel-motel tax. The Falcons will be responsible for $800 million themselves, as well as $50 million in infrastructure costs. There will also be investment by the Arthur Blank Family Foundation in adjacent neighborhoods for economic improvements and developments. The city and the team also reached an agreement that there will be equal opportunity for women and minority-owned businesses to participate in construction of the new stadium.
The team and the Georgia World Congress Center Authority, who owns the Georgia Dome, came to a non-binding agreement last year to build a new retractable roof stadium. The Falcons intend to begin playing in the new stadium in 2017, although construction won’t begin at least until the team and GWCCA finalize terms. They appear one step closer now.