Invest Atlanta has voted to approve issuing more than $200 million in bonds to partly finance a new Atlanta Falcons stadium.
The vote was the third and final political hurdle in the plans to build a $1 billion retractable-roof stadium in downtown Atlanta, the Atlanta Journal- Constitution said. Arthur Blank and the Falcons will pick up the remainder of the tab for the stadium.
The $200 million in bonds will be backed by the city’s hotel-motel tax.
City leaders are hoping the new stadium will help Atlanta maintain its current contracts on big events and tack on a few more, ideally the Super Bowl.
Invest Atlanta is the city’s economic development arm. Only one board member, Julian Bene, voted against the stadium, saying it would create “surprisingly few” jobs.
Negotiations to purchase land for the stadium just south of the existing Georgia Dome are still under way. The land is primarily owned by two churches.