Atlanta development group approves stadium deal

7:23 PM, Apr 4, 2013   |    comments
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Video: Invest Atlanta approves stadium deal

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.

RELATED | Full coverage of the quest for a new Atlanta stadium

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

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