Cobb County Taxpayers To Pay For $18.2M Increase In Cost Of Braves' Stadium
Taxpayers are "on the hook" for an additional $18.2M in "estimated borrowing costs that have surfaced" since the Braves' new ballpark deal was approved by Cobb County commissioners, according to Dan Klepal of the ATLANTA JOURNAL-CONSTITUTION. County finance officials "plan to roll the borrowing costs into the 30-year public bonds to be issued for the project," bumping the bond amount to $386M from the $368M approved by Cobb commissioners in November. The additional borrowing costs "push the county closer to the edge" of its self-imposed $24M "ceiling for annual debt payments." The new costs "also raise the specter of other unknown expenses that may await taxpayers." The additional costs "don’t include potentially millions more for outside attorneys and consultants needed to negotiate agreements with the Braves and provide other services related to the stadium deal." Cobb Finance Dir Jim Pehrson said that at current interest rates the Braves' rent will "help pay" for a portion of the $18.2M upfront financing costs (ATLANTA JOURNAL-CONSTITUTION, 4/19).