New Stadium Approved: GWCCA Approved New Stadium For Atlanta FalconsBy Marhgil Macuha on Dec 11, 2012 in Football, Sports, United States •
A new stadium for the Atlanta Falcons was approved by the Georgia World Congress Center Authority (GWCCA), international news sites reported on Monday, December 10, 2012.
According to reports, the proposed stadium is worth $1 billion and would replace the Georgia Dome for the Atlanta Falcons football team. A $300 million revenue from a hotel tax will partly finance the new stadium.
Reports said that the stadium would be owned by GWCCA and operated by the Falcons under a 30-year agreement. The team would have the option to renew the lease for another 15 years, reports said.
The location of the new stadium is still under study. The parties are said to be looking at building the stadium either one block south of the Georgia Dome along Martin Luther King Jr. Drive or about one-half mile north on Northside Drive.
“We are pleased to have reached an agreement on business terms that will form the basis of a definitive agreement with the Atlanta Falcons on the development of a new stadium. In addition, we are initiating a selection process for an architect and design team to run concurrent with the development of the MOU [Memorandum of Understanding],” GWCCA Executive Director Frank Poe said in their press release.
“We are pleased with today’s vote by the board, and we appreciate their diligence in guiding the process that got us to this day. The Falcons and the Authority have worked hard and long in putting together terms that will benefit both sides, as well as the city and state. We look forward to continuing to work as partners in reaching a final agreement,” Atlanta Falcons Owner and Chairman Arthur Blank was quoted as saying in the GWCCA press release.
The new stadium approved by GWCCA is expected to be completed by 2017, reports said.
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