City Council Will Hear From Finance 'Experts' on New Downtown Atlanta Falcons Stadium Proposal
- Post 13 March 2013
- By Atlanta Daily World
- Hits: 459
The Atlanta City Council announced Tuesday that its Finance/Executive Committee has scheduled a work session for 9:30 a.m. on Thursday to hear from several experts regarding a proposed new stadium for the Atlanta Falcons.
The invited "experts" will make presentations to the Atlanta City Council about the stadium proposal.
Last week Mayor Kasim Reed and Atlanta Falcons owner Arthur Blank appeared together at City Hall to announce that the Falcons and the City of Atlanta had reached an agreement to bring a new stadium to downtown Atlanta.
Gov. Nathan Deal was also in attendance, as were members of the City Council.
"I am very encouraged that the message given to the mayor and the Falcons has been heard," said City Council President Ceasar C. Mitchell at the conference.
Mitchell was also quick to note that no legislation had yet been signed or put in front of the Council for the stadium. Despite the deal said to be in place between Reed and Blank, the proposal must still be vetted, approved and voted on by the Atlanta City Council.
Ten members of the Council appeared at the joint press conference held by Reed and Blank.
The work session will take place in the Council Chamber (second floor), Atlanta City Hall, 55 Trinity Avenue, S.W.
Comments
"Even bending over backwards to eliminate any contestable items, though, we still have $200 million in construction costs, plus $178 million in present value of future improvements, plus $30 million in construction sales tax rebates, plus $24 million in land costs, for a total of $432 million in public costs. And after selling naming rights and PSLs and all, the Falcons would indeed be on the hook for only about $43 million, though in using naming rights and PSL proceeds they’d be giving up a big chunk of the new revenues they’d otherwise be looking to get out of a new stadium. That sounds a heck of a lot worse for the public than the “$200 million public, $800 million private” headlines, but then, that’s undoubtedly why Reed put his number and not the other one in their press release."
http://www.fieldofschemes.com/2013/03/08/4686/atlanta-mayor-touts-new-falcons-stadium-funding-plan-as-actual-public-cost-soars-past-400m/#comment-14942
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