The Atlanta Braves have signed a Memorandum of Understanding with Cobb County, Georgia for a new stadium in the northern Atlanta suburb to be completed in time for the 2017 season. The deal moves the Braves out of downtown Atlanta for the first time since they moved from Milwaukee in 1966.
The project, which was approved by the Cobb County Commission by a 4-1 vote, follows months of negotiation between the County and the team.
The stadium is expected to seat 41,500 at a total cost of $672 million. Under the terms of the deal, the Braves and County will split the cost of the new stadium with the Braves spending 55% and the County 45%. The Braves will make an initial contribution of $280 million and the Cobb-Marietta Coliseum and Exhibit Hall Authority will issue a $368 million dollar revenue bond of which the Braves will cover $92 million through income over 30 years and the County will pay the rest through tax revenue. The County will allocate existing property, lodging, and rental car tax revenue towards the repayment of these bonds and will levy a special tax on the district in which the stadium is located. Other County agencies will commit the final $24 million.
The Braves have agreed to fund construction cost overruns, and also maintain the ability to reduce total construction costs by $50 million, which would be accomplished by diminishing the Braves’ contribution without sharing any savings with the County.
The Braves and the County will share in maintenance costs of the stadium over the 30 year term of the agreement, although the details of the cost allocation have not been made public.
To read about the Cobbs/Braves project, click here.