Mayor Reed Pleased Non-Binding Terms Approved for New Falcons Stadium Deal
The Georgia World Congress Center Authority approved non-binding terms that could pave the way a new downtown stadium deal for the Atlanta Falcons. Mayor Kasim Reed says the step represents a great day for the city and the state.
“I believe it is the right thing for the city to do. I think our biggest business is an $11 billion dollar convention and tourism business and having best in class facilities I think is meaningful.”
$300 million dollars in funding for the estimated $1 billion dollar stadium is supposed to come from the city’s hotel-motel tax. The bonding capacity for the Georgia World Congress Center Authority is currently capped at $200 million. To raise the cap, the state legislature will have to sign off. And Reed says it might be difficult, but he believes state lawmakers will give the approval before the end of this year’s legislative session.
However, House Majority Whip Ed Lindsey, an Atlanta Republican, says he needs to see the entire package before green lighting any deal.
“We’re not going to simply just sign on blindly. We want to take a close look at everything.”
Lindsey says there needs to be assurances that no state funding will be used. He also says lawmakers need to see how the city of Atlanta plans to participate in the deal, and that there will be enough revenue to repay any bonds that are issued.
Under the non-binding terms, the new stadium will have a retractable roof and the Georgia World Congress Center Authority will own the stadium and license the rights for the use of the stadium to the Falcons. Meanwhile, the design, construction and operation of the stadium will be done by a third party.
The new stadium is supposed to be constructed on the campus for the Georgia World Congress Center. The two sites under consideration include: one just south of the dome or another about a half-mile north.
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