Sat., March 16, 2013 2:00pm (EDT)

GA Agency Says "Yes" To New Falcons Stadium
By Associated Press
Updated: 1 year ago

ATLANTA, Ga.  —  
Mayor Kasim Reed and Falcons owner Arthur Blank agreed to financing terms of the project, which would replace the 20-year-old Georgia Dome. (Photo courtesy: Georgia World Congress Center)
Mayor Kasim Reed and Falcons owner Arthur Blank agreed to financing terms of the project, which would replace the 20-year-old Georgia Dome. (Photo courtesy: Georgia World Congress Center)
Georgia World Congress Center Authority officials have voted to move forward with a plan to build a new $1 billion stadium in downtown Atlanta.

The agency's board of directors voted unanimously Friday to enter into an agreement with the Atlanta Falcons and the City of Atlanta and to build the new retractable roof stadium.

Mayor Kasim Reed and Falcons owner Arthur Blank last week agreed to financing terms of the project, which would replace the 20-year-old Georgia Dome.

Reed said the city would provide $200 million for construction costs through hotel-motel tax revenue and the Falcons would provide $800 million. The franchise is also responsible for providing up to $50 million to cover infrastructure costs and will pay for any cost overruns.