SBD/January 31, 2013/Facilities

Falcons Reportedly Willing To Contribute Additional $100M Toward New Stadium

Originally planning for $700M, the Falcons could spend $800M on a new stadium
The Falcons have “indicated they would be willing to kick in at least $100 million more for construction of a new stadium, a move that could help secure the public funding needed to finance" a proposed $1B retractable roof stadium, according to sources cited by Bluestein & McWilliams of the ATLANTA JOURNAL-CONSTITUTION. The sources said that the deal would call for the Falcons to "fork over $800 million for a stadium, up from the $700 million originally planned, to help garner the support of state and city officials for the proposed retractable roof stadium.” Sources said that the deal “also calls for the Falcons to fork over roughly $60 million to pay off much of the debt on the state-owned Georgia Dome, which would be demolished.” Bluestein & McWilliams note the “current debt on the dome is about $98 million.” Sources said that the city of Atlanta likely would “issue the remaining $200 million bonds for the stadium, backed by the city’s hotel-motel tax.” Bluestein & McWilliams note such a move “spares Georgia lawmakers a vote on the contentious issue.” Falcons execs declined to comment, but sources said that the negotiations are “still fluid," and that "they hope to soon announce a final agreement" (ATLANTA JOURNAL-CONSTITUTION, 1/31).
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Atlanta Falcons, Facilities, NFL

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