BRADENTON, Fla. — The Georgia World Congress Center Authority Board of Governors approved a term sheet Monday that will serve as the basis for a formal agreement with the Atlanta Falcons to build a nearly $1 billion stadium.

The GWCCA and the National Football League’s Falcons will now negotiate a memorandum of understanding for the construction of a new retractable-roof, multi-purpose stadium near the existing Georgia Dome in Atlanta where the Falcons play now. The 20-year-old Georgia Dome eventually will be razed.

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