BREAKING: City of Atlanta has reached an agreement with Arthur Blank, the owner of the Atlanta Falcons on a new stadium #fox5atl
— FOX 5 Atlanta (@FOX5Atlanta) March 7, 2013
On Thursday, Atlanta Falcons owner Arthur Blank announced an agreement with Mayor Kasim Reed to build a new stadium in the city for their football team.
The price tag?
A cool $1 billion.
The two men made the announcement during a jointly held press conference at the Atlanta City Hall, joined by members of the Atlanta City Council.
SB Nation reports that Blank and the NFL will combine to pay $800 million of the proposed new stadium, to be located in the heart of the city itself. Planned to be finished in time for the 2017 season, the city of Atlanta will pay for roughly $200 million of it. Bonds paid for through the city’s hotel-motel tax will be used to fund the city’s share of the project.
The Falcons have been playing in the Georgia Dome since 1992, with construction having started on it in 1989.
No, that is not very old. However, in a day and age when teams across the country are either expanding and renovating massively or simply starting from scratch, the new stadium will allow Atlanta to host such events as Super Bowls and the SEC title game for the next few decades.