After a lengthy period of ironing out details, the Atlanta Falcons have announced that they have reached an agreement with local government and will be building a new stadium to replace the Georgia Dome.
WSBTV.com reported the following:
The Atlanta Falcons and the City of Atlanta have come to an agreement on key aspects of a deal to build a new home for the NFL franchise.
Talks of building a new retractable-roof stadium in downtown Atlanta to replace the Georgia Dome have been going on for months, but Atlanta Mayor Kasim Reed and Falcons owner Arthur Blank announced a deal to move forward during a Thursday afternoon news conference.
The report broke down the source for some of the funding. It notes $50 million would come from the Falcons, Blank would chip in $15 million more from his foundation to renovate the areas adjacent to the new stadium, and “Tax Allocation District funds” would account for an additional $15 million.
The total cost for construction is $1 billion, and the report states that “the Falcons and other sources” will pick up much of the tab, with the “maximum public contribution” capped at $200 million.
FOX 5 Atlanta added more information on the location of the new stadium and how it will affect Atlanta taxpayers:
The Georgia Dome just completed its 21st season after opening in 1992. The building was a state-funded project and is still owned by the state of Georgia.
A new venue would allow the Falcons and the NFL to introduce another state-of-the-art facility, and Mayor Reed believes that the construction will benefit the city as an added source of jobs.
The report notes that there will be "at least 31 percent participation in design and construction by women and minority business enterprises," according to the terms of the deal between the Falcons and the City of Atlanta.
There is still plenty of red tape to cut through before construction begins, but the framework is in place, and the Falcons can start looking forward to a new home.