New Falcons Stadium Deal Emerges

January 28,2013

A revised deal for a new stadium currently is being negotiated whereby the Georgia Legislature would not have to vote on increasing the bonding capacity of Georgia World Congress Center to $300 million.

Currently negotiations are underway at the Governor’s mansion between Gov. Nathan Deal, the Atlanta Falcons and the City of Atlanta where the bonding capacity would shift from the state to the city.

No matter which governmental entity would end up issuing the bonds for the $1 billion project, the deal would not change substantially. The $300 million bond package would continue to be backed by the existing hotel-motel taxes that are collected in the City of Atlanta. The Falcons and the National Football League would cover two-thirds of the stadium’s cost.

The major change with this arrangement is that the state legislature could be bypassed altogether.

-Courtesy, Atlanta Business Chronicle