In just three short years the Atlanta Falcons will say goodbye to the Georgia Dome and move into a brand new stadium.
The Board of Directors for Invest Atlanta voted 8 to 1 in favor of a resolution allowing revenue bonds to finance a new stadium in the city.
"This really is about the best version of ourselves and not being mediocre, not being old, not being tired," Atlanta Mayor Kasim Reed said.
The mayor said $200 million of the approximate $1 billion cost to build the new stadium will be funded solely by a portion of the proceeds from the city's hotel-motel tax.
"We also authorized $15 million in TAD funds consistent with the council and my promise that we would make a significant investment in the English Avenue, Vine City and Castelberry Hill area. Those dollars will then be matched by a $15 million from the Arthur Blank Family Foundation," Reed said.
Not everyone at the board meeting agreed with the deal and one opponent had to wait until after the vote to voice his concern.
"Well the Mayor's own polls show that 64 percent of Atlantans don't support this. I think there's a lot of public sentiment against it and this vote today was the punch line of a joke of a process that we've seen throughout," opponent William Perry, who is with Common Cause, said.
The agreement states that any remaining cost for the construction of the new stadium, just south of the Georgia Dome, will come from the Falcons and other private funds. However, the Falcon's organization is more concerned about the location of the new stadium.
"Connectivity to MARTA for us is important because not for our games, but all those multiple events that we want to host on multiple occasions it is really nice when people can stay in hotels and take MARTA and not have to bring cars to the site," Atlanta Falcons President Rich McKay said.
The Mayor said he hopes to attract multiple events to the new stadium here in Downtown Atlanta that will bring millions of dollars into our city. Some of the events are the Final Four, the BCS Championship, the Super Bowl and even a professional soccer team.
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