Hawks, Atlanta Reach Deal For $193M Renovation Of Philips Arena

Atlanta Mayor Kasim Reed today said that the Hawks have reached an agreement with the city to launch a nearly $193M renovation of Philips Arena and "keep the team playing there for decades." Reed indicated the city will put $142.5M toward the project, and the Hawks $50M. Funding for the renovation "will come from an extension" of a car rental tax, generating $110M. Another $12.5M "will come from the sale of Turner Field." The agreement "could keep the Hawks downtown for another 30 years" (BIZJOURNALS.com, 11/1).