Non-binding terms approved for new Falcons stadium deal | Atlanta Falcons

Posted December 10, 2012 9:44 am by Todd Rehm with 0 comments

The board, at a special called meeting, OK’d a 24-page non-binding term sheet that will be the basis for further negotiations toward a more definitive, binding agreement between the GWCCA and the Falcons.

The plan is to build a retractable-roof stadium, with a potential cost of around $1 billion, on the GWCCA campus in time for the 2017 NFL season.

Key business terms approved by the board include:

• The GWCCA, a state agency, would own the stadium.

• The Falcons would operate the stadium under a 30-year license agreement, with options to renew for an additional 15 years.

• A portion of the construction cost would be funded by revenue from the hotel-motel tax in the city of Atlanta and Fulton County; that portion has been estimated at around $300 million. The rest, including any cost overruns, would be the Falcons’ responsibility, although that could be offset by the sale of personal seat licenses.

via Non-binding terms approved for new Falcons stadium deal | Atlanta Falcons.