COBB COUNTY, Ga. - Cobb County has released the details of its stadium deal with the Atlanta Braves.
READ: Summary of major points
County spokesman Robert Quigley confirmed with Channel 2 Action News Thursday morning that the Braves will foot 55 percent of the cost of the $672 million project.
In the details released by Cobb County, the Braves are expected to contribute $372 million over the life of the stadium, with a $280 million upfront commitment.
The Memorandum of Understanding with the county and the Braves sets the terms for 30 years, with rights to extend the term for an additional five years through the 2051 Major League Baseball season.
The Cobb County contribution is set at $300 million, which includes $14 million for transit improvements, $10 million from the Cumberland Community Improvement District and $276 million from the Cobb-Marietta Coliseum and Exhibition Hall Authority.
The Atlanta Braves organization will serve as the design and construction manager for the project. The Atlanta Braves will be responsible for any cost overruns.
Except for Cobb County’s right to conduct a limited number of special events, the Atlanta Braves have exclusive rights to use and operate the Stadium and permit third parties to do the same.
The Braves announced Monday that the team will move to Cobb County in 2017, after their lease ends at Turner Field in downtown Atlanta. After a months-long public discussion about the construction of a new Falcons stadium, many in the region were shocked by the sudden announcement that the deal was mostly done.
The stadium is set to be built on undeveloped property in the northwest corner of the interstection of Insterstates 75 and 285.
On Wednesday, Gov. Nathan Deal met with the Braves and Atlanta Mayor Kasim Reed for a closed-door meeting.
Deal said he too was taken by surprise by the announcement from the Braves that they would be moving to Cobb County, but said he was given a heads up about a day earlier than everyone else.
Deal said he could assure state taxpayers there would be no money in his budget for a Braves stadium.
Stay with Channel 2 Action News for updates on this developing story.