Monday, December 10, 2012

Atlanta Falcons, GWCCA approve non-binding terms for new stadium

Posted By on Mon, Dec 10, 2012 at 10:19 AM

The Atlanta Falcons and Georgia World Congress Center Authority have unanimously agreed to a non-binding term sheet this morning for the team's new stadium, which would open in 2017 if all goes according to plan.

Under the approved business terms, the state convention center would own the building, while the Falcons would handle operations and take in all revenue generated over the course of the 30-year deal. In return, the team would pay the GWCCA $2.5 million per year for rent, with an annual two percent increase.

"We are pleased to have reached an agreement on business terms that will form the basis of a definitive agreement with the Atlanta Falcons on the development of a new stadium," GWCCA Executive Director Frank Poe said.

As we've previously reported, the stadium would come complete with a retractable roof, costing upwards of $1 billion. Of that, an estimated $300 million in public cash would be generated by a tax on hotel and motel rooms. The Falcons would be responsible for footing the remainder of the stadium's construction costs, some of which may be raised by sale of personal seat licenses.

According to the Atlanta Business Chronicle, the Falcons and the GWCCA will now work towards creating a legally-binding agreement sometime within the next month. During that time, both parties will determine an exact location for the stadium as well as begin a search for an architect and design team. The stadium would likely be built in one of two locations, either between the Dome and Castleberry Hill or north of the Georgia World Congress Center.

"We are pleased with today's vote by the board, and we appreciate their diligence in guiding the process that got us to this day," Atlanta Falcons Owner and Chairman Arthur Blank said. "The Falcons and the Authority have worked hard and long in putting together terms that will benefit both sides, as well as the city and state. We look forward to continuing to work as partners in reaching a final agreement."

CL was at this morning's stadium briefing, and we'll share some more details about the announcement soon.

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