GWCCA Approves Term Sheet For A New Stadium

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Credit atlanta.curbed.com

The Georgia Dome

By a voice vote this morning, the Georgia World Congress Center Authority's board approved a term sheet for a new stadium.

The Georgia World Congress Center and the Atlanta Falcons negotiated the term sheet. Essentially, the term sheet is the framework needed to finalize a deal for a new stadium for Atlanta Falcons home games among other current and possible events. The term sheet also paves the way for both sides to create a memorandum of understanding for a final deal.

According to the term sheet, the new stadium will have a retractable roof. The Congress Center will own the stadium and license the right to use it to the Atlanta Falcons. A third party, associated with the Falcons, will manage the stadium's design, construction and operation.

The deal is a 30 year lease. Afterwards, the Falcons could renew the lease for 5 years. That renewal process could be repeated three times.

The stadium will be built either north or south of the Georgia Dome, which will be demolished after the new stadium is finished. While estimates have yet to be finalized, total construction cost could be in the $1 billion range. The Falcons will incur two-thirds of the cost for repay construction bonds. A current hotel/motel tax imposed in the city of Atlanta and unincorporated Fulton County would cover the remaining third.

The Falcons will control the stadium's revenue streams but will pay the state $2.5 million a year in license fees.