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MARIETTA, Ga. -- Thursday morning, Cobb County officials announced funding for the Atlanta Braves' new baseball stadium, to be constructed in the Cumberland-Galleria area.

The agreement calls for the baseball team to fund 55 percent of the project's cost, while the county will responsible for the remaining 45 percent. The team will begin playing in the new ballpark in 2017, and play there for at least 30 years.

The county's funding plan includes a mix of sources totaling $300 million. Officials said in a statement there would be no increase in the property tax millage rate for Cobb County homeowners.

READ | Breakdown of major deal points between Cobb Co. and the Atlanta Braves

Cobb County Commission Chairman Tim Lee says none of Cobb County's individual homeowners will feel a thing. He said the bulk of the county financing would come from the Cumberland Improvement District, which already taxes businesses around the Cumberland-Galleria area.

Lee told 11Alive's Paul Crawley that the present tax on businesses in that area -- now at 5 mils -- will add 3 mils in three years, as part of the funding mechanism. In addition, an additional $3 per night fee will be added to the county's hotel-motel tax, which will specifically be earmarked for a circulator transit system, primarily buses and trolleys, in the Cumberland-Galleria area around the stadium.

Lee also said therewill be a rental car tax in the county.

All of the funding measures will go before the full Cobb County Commission at their Tuesday, November 26 meeting.

The Braves will be responsible for about $372 million toward the cost of the stadium.

Construction of the new stadium is expected to begin in 2014, and is expected to generate more than 5,200 jobs with an estimated payroll of $235 million. The Braves said they would be responsible for any cost overruns related to the construction costs.

The Cobb County Commission is set to vote on the proposed agreement at its next meeting on November 26.

COMPLETE COVERAGE OF BRAVES MOVING:
* Deal meets with Reed, Braves to discuss team's departure
* Cobb still mum on taxpayers' share for new Braves stadium
* Turner Field to be demolished after Braves leave
*Fulton chairman: Keep the Braves in Fulton County
*
Turner Field neighbors fear "ghost town" if Braves leave, while Cobb County neighbors jumping for joy
*Tom Glavine says he's happy about the possible move
*Braves officials discuss new stadium during press conference
*Braves president Schuerholz announces new stadium
* TEAM COVERAGE:Atlanta Braves announce plans to build new stadium
* PHOTOS Braves building new stadium in Cobb Co.
* How old is Turner Field?
* Historic moments at Turner Field

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