New Falcons Football Stadium Plans Move Forward

What does this mean for our city?

 

Yesterday, the Georgia World Congress Center Authority (GWCCA) board approved the 24-page, non-binding term sheet that will be the basis for negotiations toward a new $1 billion stadium for the Atlanta Falcons. The new stadium would maximize the city’s ability to attract and retain people and jobs.

The GWCCA would own the stadium, which the Falcons would initially lease for 30 years for $2.5 million per year, increasing 2 percent per year.

Thirty percent of the construction costs would be public, with the remaining 70 percent coming from private funding. A national average states that the public has invested 62 percent for stadiums during the last few years; the new Falcons stadium could cost taxpayers considerably less.

At the Carter breakfast, the Mayor said that if the stadium were built, it would spur revitalization of the Western downtown area of the city. Currently, the Multi-Modal hub is underway, as well as the redevelopment of the eastern section of the Gulch. Combined, these projects would have a huge effect on the city, and would continue to support a vibrant city with sustained job and economic growth.

To hear more of what the Mayor had to say at the Carter breakfast, check out this past blog post. To read more about the Falcons stadium, click here.

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