Invest Atlanta meets to discuss the city's new stadium
ATLANTA -- With only 1 "no" vote, Invest Atlanta, the city's economic development body, has approved the deal for a new stadium.
The vote came after an impassioned defense by Mayor Kasim Reed of the $1 billion, 30-year deal with the Atlanta Falcons, who will bear 80 percent of the cost.
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Invest Atlanta was the third and final vote needed, following approval be the Atlanta City Council and the World Congress Center Authority.
Friday's approval authorizes the sale of $200 million in bonds that will be backed by the city's hotel/motel tax.
Financing is expected to be completed by July 2014 and construction finished by July 2017.
The board also voted to use Tax Allocation District money to match $15 million promised by Falcons owner Arthur Blank for community improvement in surrounding neighborhoods