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Falcons get $200 million loan for new stadium

The Falcons will soon have a new home, after NFL owners approved a $200 million loan Tuesday for construction of a new Atlanta stadium.

The Falcons received the money Tuesday at the league's spring meetings. The multipurpose venue could cost as much as $1 billion.

"Today's approval by the NFL team owners is an important milestone in moving the new stadium project forward," Falcons owner Arthur Blank said in a statement.

Blank will supply the rest of the funds, and said the design and construction will happen over the next four years. The building is expected to be completed by the 2017 season.

The Georgia Dome, which opened in 1992, will be demolished when the new stadium opens.

Comments

kevin 11 months ago

So the toilet bowl and seat will become a reality!

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JHogan 11 months ago

"Blank will supply the rest of the funds"...

This is incorrect. The hotel-motel tax will provide 39.3% of the revenue it generates throughout the term of the tax, which extends until 2050. A conservative estimate of this gift to Blank is in excess of $550 million, and not the $200 million dollars that is commonly reported on the media outlets he is connected with. (He is on the board of directors of Cox Enterprises, which owns the Atlanta Journal Constitution, WSB-TV, WSB-AM, WSB-FM and several other radio stations in the Atlanta Area. Other members of the Cox board of directors are Anne Cox Chambers, whose net worth is $12 billion, James Cox Kennedy, whose net worth is $6 billion, and Blank, whose net worth is $1.6 billion, for a combined total of $19.6 billion. Do these people really need a subsidy from the government?

Here's a link to the legislation which authorized this graft:

http://legiscan.com/GA/text/HB903/2009

And here's a list of those who voted for it in the Senate.:

http://legiscan.com/GA/rollcall/HB903/id/129648

This is an outrageous misuse of public money, made all the more galling because it goes to a person who doesn't need it.

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