Posted: Thursday, November 14th 2013 at 6:44am
Report: Braves to pay 55 percent of stadium cost
By The Associated Press
ATLANTA (AP) The Atlanta Braves would pay 55 percent of the cost for a new $672 million stadium under terms of a deal that would bring the team to the city's northwest suburbs, a Cobb County leader said.
Cobb County Chairman Tim Lee revealed the figure in an interview with The Marietta Daily Journal late Wednesday night.
Lee said the remaining 45 percent of the cost would be funded with no tax increase for more than 95 percent of the county's residents.
Financing numbers for the project are expected to be released on Thursday, the newspaper reported. Lee said a large amount of the financing will come from the Cumberland Community Improvement District, the area where the ballpark would be built.
"It's a win-win deal for Cobb County and the Braves because it provides a fiscally sound, balanced funding model that takes advantage of the great opportunities provided by the Braves for economic development, job creation, at a good investment for Cobb Countians," Lee said.
Atlanta Mayor Kasim Reed met Wednesday with Atlanta Braves executives to discuss next steps following the team's decision to leave downtown and build the new $672 million stadium in nearby Cobb County, according to Gov. Nathan Deal.
Reed has said Atlanta was unwilling to use taxpayer dollars to match Cobb County's offer of $450 million in public support to the Braves, but the team later disputed that figure. Specific numbers have yet to be released by the team or county officials.
The projected $672 cost to build the stadium also includes a new bridge spanning Interstate-285, Lee said. It would connect the Galleria office park with the 60-acre property where the stadium is expected to be built. The bridge would be used by pedestrians and a shuttle that would pick up fans from around the area and bring them to the game.
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