Atlanta council approves stadium financing plan

ATLANTA -- The Atlanta City Council has voted to approve a financing plan to build a new stadium in downtown Atlanta.

City Council Monday voted 11-4 to approve using city hotel-motel tax revenue to pay the $200 million public contribution for the proposed $1 billion, retractable roof stadium.

Georgia World Congress Center Authority officials voted Friday to move forward with a plan to build the downtown Atlanta stadium.

The agency's board of governors voted unanimously to enter into an agreement with the City of Atlanta and the Atlanta Falcons to build the new retractable roof stadium.

Atlanta Mayor Kasim Reed and Falcons owner Arthur Blank this month agreed to financing terms of the project, which would replace the 20-year-old Georgia Dome.