Quietly today, the Georgia World Congress Center Authority unanimously approved the construction of a new state of the art, retractable dome stadium that will be the new home of the Atlanta Falcons in 2017.
The project has been a hot topic for the past year in Atlanta, Georgia especially the price tag that ranges from $948 Million to $1.2 Billion.
The new stadium will be built either a block south of the Georgia Dome on Martin Luther King Jr. Drive or a half-mile north of the Dome on Northside Drive.
Funding, though, will continue to be a hot topic…
The Term Sheet approved today states $300 Million will come from the Hotel & Motel Tax from visitors staying in Atlanta.
Here are some other details from the agreement…
- The GWCCA will Own the Building.
- The Falcons will pay a yearly rent of $2.5 Million that will increase 2% each year.
- The Falcons will sign a 30-year lease with an option for 15 additional years.
- The Falcons will be responsible for all operating expenses and will retain all revenues.
- The Georgia Dome will be demolished and all events held there under contract will move to the new stadium.
The other topic of hot debate about the new stadium in the heart of the south will be the pending future of the Falcons selling Personal Seat License .
A PSL will allow Falcons Owner Arthur Blank to raise funds up front for what the team and ownership will have to raise for its part of the construction.
These PSLs can range from anywhere from a few thousand dollars to as much as $250,000.
Again, this is not a ticket but just the right to reserve a spot to purchase season tickets and select your seat.
There are currently 15 NFL Teams who have used a PSL to fund either a new stadium or renovations to its current stadium.
Negotiations will continue over the next year to finalize the location and all details to get the stadium open in January of 2017.
M Shannon Smallwood has over 10 years of experience in broadcasting and journalism in professional baseball and college athletics and is the ACC Football Guru, SEC Voice of Reason and College Football Comedian for Rant Sports. He is a member of the Football Writers Association of America and the US Basketball Writers Association.
Follow him @woodysmalls.