The Atlanta Journal Constitution has reported that as of March 7, 2013, Atlanta Mayor Kasim Reed and Falcons owner Arthur Blank have reached an agreement on key aspects of a deal that will bring a new stadium to the city.
Under these terms the Falcons will provide $50 million dollars in infrastructure costs and that the city's development agency, Invest Atlanta, as well as the Arthur Blank Foundation would invest $15 million apiece into neighborhoods and projects surround the area.
The public contribution has been capped at $200 million and will be funded through bonds backed by the city's hotel-motel tax.
“We appreciate the mayor and his staff’s diligence in moving the agreements for a new stadium toward completion,” Blank said in a statement today. “We are grateful to the members of the Atlanta City Council who have given us the opportunity to address their questions or concerns, and we will continue to work with the mayor, city council, Invest Atlanta and our partners at the Georgia World Congress Center in reaching final agreements.”
However this does not mean that a deal has been finalized, as it will require approval from all parties involved.
The stadium is estimated to be ready for use by 2017 and could be a potential candidate to host the Super Bowl.
“Equally important, a new stadium will lead to the creation of well-paying jobs during its construction at a time when many of our friends and neighbors are seeking employment,” Reed said. “This new stadium will also keep the city of Atlanta at the forefront of the hospitality industry in America as we pursue our goal of attracting 40 million visitors annually. It will strengthen the viability of the more than 200,000 jobs that support our tourism and convention business every single day.”