Georgia Dome (Getty Images file)
ATLANTA, GA-- An Atlanta city council committee will be briefed Wednesday on a proposal that would include public financing for a new billion-dollar stadium to replace the Georgia Dome.
The new stadium project moved into the realm of city government after state lawmakers and Gov. Nathan Deal balked at a deal that would include state-backed bonds for a portion of the stadium. Atlanta Falcons owner Arthur Blank has agreed to pay more than two-thirds of the cost of a new retractable roof stadium.
The deal includes the use of hotel-motel tax money collected in Atlanta. Still to be decided: How and if the City of Atlanta can issue bonds that would be repaid with hotel-motel tax money, covering from $100 million to $300 million of the project.
Wednesday's finance committee meeting is expected to last several hours, and may include officials from the Falcons, the Georgia World Congress Center, which owns the Dome, and the mayor's office. Mayor Kasim Reed is a vocal backer of the new stadium project.