Invest Atlanta Board Approves Funding for New Multi-Purpose Stadium
NFL’s Atlanta Falcons Will Begin Play at New Facility in 2017
(Note: The Wilbert Group issued the following release on behalf of client Invest Atlanta)
ATLANTA (April 4, 2013) – Invest Atlanta’s board of directors today approved two resolutions to help fund a new multi-purpose stadium and spur economic development in the neighborhoods surrounding it.
The board approved a bond inducement of $200 million, to be paid with revenue from the city’s hotel-motel tax, to help fund the $1 billion retractable-roof stadium. The hotel-motel tax revenue is the only public funding source for the stadium, which is planned to be built adjacent to the Georgia Dome. The remaining cost of the construction of the new stadium, including any cost overruns, will come from the Falcons and other private funds.
Invest Atlanta’s board also approved the allotment of $15 million in Westside Tax Allocation Funds for economic development projects that leverage private sector investment in English Avenue, Vine City and Castleberry Hill neighborhoods that surround the site of the new stadium.
“We are going to build a new best-in-class facility that will help us attract new events and keep the Atlanta Falcons downtown for the next 30 years,” said Atlanta Mayor Kasim Reed, who is also Chairman of the Invest Atlanta Board of Directors. “I am pleased that the Invest Atlanta board approved the bond resolution for a new stadium by 8-1, following a very strong 11-4 vote of confidence in this project by the Atlanta City Council in March. The new stadium will be a key anchor for the city's $10 billion annual tourism and convention business, and I look forward to the economic development activities that will occur in the nearby historic Vine City, English Avenue and Castleberry Hill neighborhoods as a result of this transaction."
The Invest Atlanta votes mark the final steps in lining up financing for the new stadium, which will be home to the Falcons for at least 30 years after it opens for the 2017 NFL season.
“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,” Atlanta Falcons Owner & Chairman Arthur M. Blank said in a statement issued following the meeting. “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 stadium will spur redevelopment in adjacent neighborhoods and help the city’s economic development effort that results in the creation of new jobs, Invest Atlanta President and CEO Brian P. McGowan said.
“Invest Atlanta is proud to have played a key role in the funding of the new stadium,” McGowan said. “A world-class city such as Atlanta needs world-class amenities, and the new stadium will be just that.”
In addition to the $15 million in TAD funding to revitalize neighborhoods surrounding the new stadium, The Arthur M. Blank Family Foundation also will contribute $15 million toward community enhancements.
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.
For more information on how Invest Atlanta can provide solutions for you or your business, contact us at: 404-880-4100, e-mail: firstname.lastname@example.org or visit us at: www.InvestAtlanta.com. To get the latest updates, follow us on Twitter @InvestAtlanta, and Like us on Facebook www.facebook.com/investatlanta.
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