(Marietta, GA – Nov. 14, 2013) Cobb County has reached a draft agreement with the Atlanta Braves for a new stadium at the northwest intersection of Interstates 75 and 285.
The agreement calls for the Braves to fund 55 percent of the project cost while the remaining 45 percent will be paid for locally. The new ballpark will mean that the Atlanta Braves will celebrate Opening Day in Cobb beginning in 2017 and continuing for at least 30 years.
Highlights of the Cobb County funding plan include a mix of local funding sources that will total $300 million. There are no increases in the property tax millage rate for homeowners.
The Braves contribution of $370 million towards the new stadium will quickly generate new jobs and a growing payroll. Construction on the stadium is expected to begin in 2014 and is expected to generate more than 5,227 jobs with an estimated $235 million in payroll. The Atlanta Braves will also be responsible for any construction cost overruns.
With a total investment of $672 million, the new stadium will be centerpiece for what is expected to be a world-class entertainment district, featuring new retail, restaurants and hotels on adjoining parcels.
The Cobb County Board of Commissioners is expected to consider the proposed agreement at its next commission meeting 7 p.m., Tuesday, Nov. 26.
Funding details for the project are available at www.cobbcounty.org.
Learn more about the project at www.homeofthebraves.com