The National Football League has approved $200 million in financing for the construction of the new Falcons stadium.
“Today’s approval by the NFL team owners is an important milestone in moving the new stadium project forward. The consideration of G-4 financing for new stadiums requires thoughtful analysis on the part of the NFL Finance and Stadium Committees, including compliance requirements that protect the best interests of all owners and the league,” Falcons owner Arthur Blank said.
G-4 financing is an NFL program that supports new stadium construction by providing a combination of grants and loans, Channel 2 reporter Jim Strickland said.
“We are pleased with the outcome of today’s vote, and we look forward to continued progress in designing and constructing the new multipurpose stadium over the next four years. We, along with our city of Atlanta and state of Georgia partners, are excited to participate in a project that will benefit the city and state for many years to come,” Blank said.
An additional $200 million in funding for the stadium will come from Atlanta's future hotel-motel tax revenue. The rest of the funding for the $1 billion stadium will come from Blank and the Falcons.
Plans for the stadium call for it to open in time for the 2017 NFL season.