Georgia Supremes Clear Stadium Bond Deal

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BRADENTON, Fla. — The Georgia Supreme Court will not reconsider its decision to validate $200 million in bonds for the Atlanta Falcons' new $1.4 billion stadium, clearing the way for the financing.

The high court on April 9 declined to consider a motion seeking the review filed by opponents of the project who live in neighborhoods near the facility in downtown Atlanta.

The determination means that opponents of the stadium have exhausted their appellate rights, said attorney Douglass Selby, a partner at Hunton & Williams LLP.

Once the final ruling has been filed in the trial court where the case began, "Atlanta is in the clear to offer bonds with a final non-appealable validation order," he said.

The eight-sided iconic stadium — the National Football League's second-costliest venture — is under construction next to the Georgia Dome where the Falcons currently play.

In addition to the $200 million in bond proceeds, the stadium's remaining cost will come from the Falcons, personal seat license sales, and $200 million from the NFL G-4 loan program.

The 30-year revenue bonds are to be issued by Invest Atlanta, the city's economic development authority.

Some $278.3 million in bonds will be secured by a local hotel-motel tax. The deal will provide $200 million for construction. The additional $78.3 million is for capitalized interest, reserves, and issuance costs.

The stadium, designed by 360 Architecture, will have 71,000 seats and feature a retractable roof and an open air concourse.

The Falcons and a Major League Soccer expansion team will share the state-of-the-art facility. The Dome, which is 23 years old this year, will eventually be razed.

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