Mayor, Hawks announce $192.5 million renovation for Philips Arena

Kasim Reed announces deal to keep Hawks in Philips Arena

ATLANTA — The home of the Atlanta Hawks is about to undergo a multimillion-dollar makeover.

Atlanta Mayor Kasim Reed wants taxpayers to know they will not have to assist in the redesign of Philips Arena.%

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Reed told Channel 2’s Tom Jones Atlanta will be getting a fantastic arena once the project is complete.

Reed said the makeover promises to rival any arena.

“So this is not going to feel like any other arena. We're not trying to get by,” Reed said.

Hawks players, coaches, owners and staff joined the mayor and City Council to announce the $192.5 million renovation project.

"There will be no property taxes, or no new taxes will be paid or levied on Atlanta residents or businesses, to fund this renovation," Reed said.

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The Hawks will kick in the remaining $50 million. The team's majority owner said fans can expect a first-class, state-of-the-art venue.%

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“I do believe this agreement will create a world-class Philips Arena,” Atlanta Hawks owner Tony Ressler said.

Star player Dwight Howard said it's nice to have a new building, but adds, “I just think it's all about winning. That's the only thing that matters,” Howard said.

Reed said the new arena will be a winner, just like the Hawks.

“It's not too bad that they're undefeated right now,” Reed said.

The Hawks said some ticket prices will increase, some won't.

The renovations will take place during the next two summers and the arena will be complete for the 2018-19 season.