PanStadia & Arena Management Magazine is the undisputed world leader for the business of stadia, arenas, sporting events and venues on a global scale.

Atlanta retractable stadium gains funding approval from the City of Atlanta

The Atlanta City Council has voted in favour of extending the hotel-motel tax to 2050 and for other key agreements among the City of Atlanta, the Georgia World Congress Center Authority (GWCCA) and the Atlanta Falcons, thereby taking a significant step toward the construction of a new retractable roof stadium in downtown Atlanta.

Atlanta Mayor Kasim Reed said:

The construction of a new stadium will lead to the revitalization of some of the city’s most historic neighbourhoods, create well-paying jobs and ensure that the City of Atlanta remains a competitive, leading city with world-class attractions.

Atlanta Falcons Owner and Chairman Arthur M. Blank said:

We are grateful for the Council’s vote of support today. The agreements approved today represent the fruits of more than two years of collaborative discussions leading to a solution that serves the best interests of all involved, including the neighbourhoods surrounding the new stadium. The actions taken today are also a critical step toward the completion of final agreement necessary to move the stadium project forward.

The Atlanta City Council also approved an amendment requiring the Atlanta Falcons to allocate up to an additional $20 million from its contingency budget for infrastructure costs, if necessary. In addition, council members passed an amendment calling for the adoption of a Community Benefits Plan that studies the impact of the new stadium on the surrounding neighbourhoods They also amended the resolution to specifically state that no General Fund dollars can be used to finance the construction of the stadium.

03 georgia dome A_26a

The Georgia Dome is set for replacement by 2017.

Previously the GWCCA Board of Governors unanimously approved a completed business deal for a new multi-purpose operable roof stadium to be built on the authority’s property. The proposed stadium will serve as the home of the Atlanta Falcons as well as other sports, convention and entertainment events that are currently held at the Georgia Dome.

Earlier this month, Mayor Kasim Reed and the Atlanta Falcons reached an agreement on key city terms for the construction of a new stadium in downtown Atlanta after several weeks of negotiations and community inclusion. The deal terms include more than $30 million in direct investment for the English Avenue, Vine City and Castleberry Hill neighbourhoods, and a $50 million investment in infrastructure improvements in the area adjacent to the proposed new stadium.