ATLANTA – The city council has approved Mayor Kasim Reed’s proposed car rental tax extension for $192 million worth of improvements to Philips Arena.
On Monday, the council approved extending the car rental tax collected at the CONRAC car rental facility at Hartsfield-Jackson Atlanta International Airport.
“The approval ensures that the Atlanta Hawks remain in the City of Atlanta for decades to come and will maintain Philips Arena, a keystone of downtown, as a highly competitive venue for sports and entertainment events,” Reed said in a statement.
The public contribution for arena renovations is capped at $142.5 million, of which $110 million will come from a series of bonds from the tax. An additional $32.5 million will come from the city’s proceeds of the sale of Turner Field to Georgia State University and Carter.
The Hawks will contribute $50 million to arena renovations.
Renovations begin this summer, and will be completed by the start of the 2018-19 Hawks season.