BRADENTON, Fla. - A Georgia judge agreed to delay the validation of $278.3 million in revenue bonds for the Atlanta Falcons' new stadium in order to hear arguments from attorneys opposing the financing.
A new hearing will be held April 10, but won't cause significant problems for financing a portion of the $1.2 billion stadium, according to the Atlanta-based Saporta Report.
Lawyers opposing the bond validation indicated at an initial hearing on Feb. 17 that their primary concerns have to do with the impact of the new football stadium on nearby poor and blighted neighborhoods, the publication said.
The city negotiated a "community benefits" deal with the team designed to provide separate funds for neighborhood improvements but it has not met the approval of some area leaders.
Four Atlanta residents filed a complaint, which cited more than a dozen legal reasons why the bonds cannot be validated, including whether the state and city of Atlanta properly enacted the hotel-motel tax that would secure the debt.
They also raise objections about the demolition of two churches to make way for the new stadium, failure to address environmental impacts, and the fact that the project was not reviewed by the Atlanta Regional Commission as a development of regional impact. They will have to prove the allegations at the April hearing.
The interveners are asking the court to strike down various laws, legal actions, and deny validation of the bonds. They are represented by two attorneys, former Fulton County judge Thelma Wyatt Moore and John Woodham, who challenged the application of the Atlanta BeltLine's tax allocation district to public schools.
Invest Atlanta, the city's redevelopment agency, is acting as the conduit to issue the 30-year stadium bonds, which are expected to be sold before the end of fiscal 2014.
The project is anticipated to cost "in excess of" $1.2 billion, according to court documents. It includes demolition of the Georgia Dome where the Falcons currently play.
The stadium's remaining cost will be paid through the National Football League's G-4 loan program, team debt, equity, and personal seat licenses.
The new stadium is being built just south of the Dome near public transportation.
