Earlier today, the board of directors of Invest Atlanta approved the final agreements needed to move forward with public funding arrangements related to a new multi-purpose stadium in Atlanta. The public contribution of $200 million of the approximate $1 billion cost to build the new stadium will come from revenue bonds issued by Invest Atlanta and funded solely by a portion of the proceeds from the city of Atlanta's hotel-motel tax. The remaining cost of the construction of the new stadium, including any cost overruns, will come from the Falcons and other private funds.
Following the vote, Atlanta Falcons Owner & Chairman Arthur M. Blank issued the following statement:
"We thank Invest Atlanta and its board of directors for their vote of support today. We are grateful for their thoughtful consideration, not only of the agreements they are party to, but of the overall new stadium project.
"The approval of this project is the result of strong collaboration between a number of significant contributors: the Mayor's office, Atlanta City Council, Invest Atlanta, the Governor's office, the Georgia World Congress Center and the Atlanta Falcons. We believe the final agreements put in place over the last several weeks represent a solution that serves the best interests of all involved, including the neighborhoods surrounding the new stadium.
"The Atlanta Falcons are excited about the opportunity to participate in a project that will be an iconic asset for downtown Atlanta, and serve as an economic development tool for many years to come."