Atlanta Mayor Kasim Reed & Falcons owner Arthur Blank say deal reached to build new stadium in 'heart of the city.

BHR HollyWood Reports..Mayor Kasim Reed and team owner Arthur Blank made the announcement during a press conference at City Hall.

Under the proposed deal, Reed said that the city will contribute $200 million, which will come from the city's hotel-motel tax. The other $800 million will be paid by the Falcons. The Falcons will also contribute an additional $50 million in infrastructure costs.

Reed said that the Arthur Blank Family Foundation would contribute another $15 million to fund developmental projects in the English Avenue, Vine City and Castleberry Hill neighborhoods, close to the new stadium. The city also would contribute an additional $15 million for those projects, according to a press release.
Future Falcons Dome In The Works

"I am pleased that we reached an agreement that will ensure the Atlanta Falcons remain in the heart of our city for many years to come and will lead to revitalization of some of the city's most historic neighborhoods," said Reed.

Blank called the deal a "win-win" for all parties involved. Blank said that the team was committed to the city of Atlanta.
City of Atlanta and Falcons reach deal to build new stadium in downtown Atlanta

Team officials said that a site just south of the Georgia Dome is the preferred site, but there are still details that need to be worked out.

Reed said that the deal includes a "Equal Business Opportunity Plan" that calls for at least 31 percent participation by women and minority business enterprises in the construction of the new stadium.

"Equally important, a new stadium will lead to the creation of well-paying jobs during its construction at a time when many of our friends and neighbors are seeking employment," Reed said.

Reed said the hope is that the new stadium is built in District 3, which is the district that Councilmember Ivory Young represents.

City officials stressed that the deal would not impose any new taxes on city residents or businesses.

Georgia Gov. Nathan Deal praised the agreement.

The proposed deal is now in the hands of the Georgia World Congress Center and the Atlanta Falcons Association, Reed said.

The Atlanta City Council must still approve the new deal, officials said.

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