Court Rules in Favor of Bond Issuance for Construction of New Stadium
Mayor Reed applauds decision to validate the bonds
5/9/2014, 3:04 p.m.
ATLANTA - Fulton County Superior Court Judge Ural Glanville entered an order this week confirming and validating Invest Atlanta’s proposed issuance of hotel-motel tax-backed Revenue Bonds to finance a portion of the new Downtown Atlanta Stadium Project.
“I’m pleased that the court upheld our position, and that we can continue to move forward with this important project that will be a significant anchor to our ongoing development efforts in Downtown Atlanta,” Mayor Kasim Reed said. “I’m confident this stadium will benefit not only the city’s job creation and tourism, but it will also benefit the people who live, work and play in the surrounding neighborhoods.”
The Downtown Atlanta Stadium Project will consist of a state-of-the-art multipurpose operable roof stadium facility which will be the new home of the Atlanta Falcons, and the new Major League Soccer franchise. The estimated $1.2 billion project will be financed through a public-private partnership for which Atlanta’s contribution is approximately $200 million.
The City’s contribution is funded by the extension of a hotel-motel tax that was originally adopted for construction and maintenance of the Georgia Dome.
The order overrules a 20-count objection filed by John Woodham and Thelma Wyatt Moore on behalf of five intervenors. The Court upheld Invest Atlanta’s bond proposal and overruled each and every one of their objections. The City and Invest Atlanta have long maintained that a public-private partnership to keep the Atlanta Falcons in downtown Atlanta is good for the City and for economic development.