A win for economic development took place on Monday night, as the Atlanta City Council voted to approve a deal that put the Falcons on the field in 2017. Mayor Kasim Reed addressed the City Council after the six hour meeting and hit the nail on the head, telling the members, “You did the right thing.”
The Georgia World Congress Center Authority, Mayor Reed, Atlanta City Council, the Atlanta Falcons, the Arthur M. Blank Family Foundation, along with Invest Atlanta worked tirelessly on the deal and all have a stake in the development of the new stadium. Not only will the city see long term economic benefits, including construction jobs and tourism revenue, with over 80% of the revenue generated by the hotel/motel tax, but the deal also calls for the Blank Foundation and Invest Atlanta’s Westside Tax Allocation District to each put $15 million into redeveloping the Castleberry Hill, Vine City and English Avenue communities.
Another win for the city: The Falcons have agreed to invest $50 million dollars in infrastructure improvements, along with $20 million for additional property outside of the stadium to realign MLK Drive.
The public-private partnership calls for The Atlanta Falcons to contribute $800 million and for Invest Atlanta to issue bonds for $200 million for the construction costs of the approximately $1 billion new retractable roof stadium.
City Council Member Michael Julian Bond at the Council for Quality Growth’s Atlanta Advisory Meeting indicated his passion for redevelopment of the areas surrounding the potential new stadium and Monday fulfilled that passion with an amendment to the ordinance. His successful amendment requires Invest Atlanta to develop a plan that will address community benefits and improve or fix traffic congestion, public safety, the environmental impact of the stadium, economic development and game-day functions around the stadium.
The Council for Quality Growth supports the plan adopted by the City Council and commends Mayor Reed, the leadership of the GWCC, led by Council Board Member, GWCC Chairman Tim Lowe, the Atlanta City Council and Brian McGowan, President & CEO of Invest Atlanta, along with the Atlanta City Council and numerous others for their leadership on this important economic development issue that will benefit all citizens in the Metro Region.