Updated:COBB COUNTY, Ga. —
Cobb County has released a series of documents detailing its agreement with the Atlanta Braves.
The deal would keep the Braves in Cobb County for 30 years after they leave Turner Field in 2016.
The legal documents detail the Memorandum of Understanding the Braves outlined with the team earlier this year.
The stadium development agreement, one of the most important documents, outlines the project’s budget and the taxpayer’s obligations.
Cobb County taxpayers will be on the hook for $368 million of the project, which is currently projected to cost $622 million, with a “maximum stadium cost” of $672 million.
Nearly $100 million of the county contribution will be repaid with $6.1 million in annual rent payments from the team.
The Braves will contribute $230 million, with the budget listing an additional $50 million of “Braves discretionary” spending.
At $230 million, the Braves would be paying 37 percent of the stadium project’s up-front costs. If the Braves kick in the $50 million in discretionary funds, their contribution would be about 42 percent of the project cost. Those percentages don’t include the rent payments.
In the agreement, the Braves agree to pay for cost overruns and to stay at the stadium for 30 years after it is completed.
The agreement also clarifies that the team will collect all stadium and parking revenues.
“The terms and conditions in the MOU have not changed one iota,” Lee said. “These agreements are an extension of the MOU to create more detail as to how that MOU is arrived at. … If you try to diverge and say these are changing the deal from November, you’re going to be way off the mark,” Cobb County Commission chairman Tim Lee told the Atlanta Journal-Constitution.
The construction administration agreement dictates that construction begins no later than Nov. 1, and that the Braves will be responsible for construction costs overruns, unless the county requests a change that increases the cost.
The non-relocation agreement is what keeps the Braves in the stadium through the 2046 season, with a three-year window at the end of the agreement for the team to notify the county of its intent to move.
Lee said he does not expect any significant changes to the agreements before commissioners vote on it on May 27.
We have a reporter digging into the documents for Channel 2 Action News at 4.