Financing terms reached for new Falcons stadium

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Associated Press

Posted on March 7, 2013 at 2:01 PM

Updated Thursday, Mar 7 at 2:01 PM

ATLANTA (AP) — Officials say financing terms have been reached for the Atlanta Falcons' $1 billion stadium proposal, keeping the team's home games in the city's downtown. The City Council must now vote on the proposal.

Atlanta Mayor Kasim Reed and Falcons owner Arthur Blank announced the financing deal Thursday at a news conference along with the Georgia governor.

Reed says the public contribution to stadium construction through hotel-motel tax revenue will be capped at $200 million.

He says the city will provide $15 million toward the stadium. He says the Falcons will pay $800 million and an additional $50 million for infrastructure-related costs associated with construction.

The franchise is also responsible for paying for any budget overruns.

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