The Atlanta City Council in the US has approved a financing plan that paves way for the Georgia World Congress Center Authority (GWCCA) to build its proposed $1bn stadium for the Atlanta Falcons.
The council voted 11-4 to use city hotel-motel tax revenue to cover the $200m public contribution for the new stadium, which would be built near the Falcons’ current stadium, the Georgia Dome..
After completion, the new stadium will replace the Georgia Dome and will become the Falcons’ new home.
The new stadium will also be used for other sports, conventions and entertainment events.
Atlanta Mayor Kasim Reed said: "The construction of a new stadium will lead to the revitalisation of some of the city’s most historic neighborhoods, create well-paying jobs and ensure that the City of Atlanta remains a competitive, leading city with world-class attractions."
The Atlanta Falcons will provide around $800m to construct the stadium and cover any cost overruns with the help of support from private sources.
Scheduled to open in 2017, the stadium would be owned by the GWCCA and operated by the Falcons under a 30-year agreement.
In December 2012, GWCCA voted to accept proposed business terms for the new stadium, which will be constructed on its property.
The approved business terms include construction of a new operable-roof stadium and associated project improvements on the GWCCA campus.
Image: The Georgia Dome is the existing home of the NFL’s Atlanta Falcons. Photo: Dreman1731.