BRADENTON, Fla. — Cobb County, Ga., commissioners are expected to consider an agreement to finance a $672 million Major League Baseball stadium for the Atlanta Braves Nov. 26.
The Braves will fund 55% of the project.
The remaining 45% percent — $302 million — will be paid locally with a portion of an existing hotel-motel tax, reallocating $8.67 million in property tax revenue, a new 3% rental car tax, $5.15 million from a property tax increase in the existing Cumberland Community Improvement District, and a new $3 per night hotel-motel charge to be enacted as the new Cumberland Special Service District hotel circulator fee.
The new ballpark at the intersection of Interstates 75 and 285 will host the Atlanta Braves opening day in Cobb beginning in 2017, and the team will play there at least 30 years, according to commission chairman Tim Lee.
"With a total investment of $672 million, the new stadium will be centerpiece for what is expected to be a world-class entertainment district featuring new retail, restaurants, and hotels on adjoining parcels," Lee said in an announcement he emailed Friday. "We expect the board of commissioners to vote on a memo of understanding during its Nov. 26 meeting, which will be the next step for the continuance of this plan."
Lee also touted the project for its ability to "quickly" generate new jobs."
Construction is expected to begin in 2014 and generate more than 5,227 jobs with an estimated $235 million in payroll.
The Braves would be responsible for any construction cost overruns.
The team announced Nov. 11 that it plans to leave Turner Field in downtown Atlanta for the new stadium and mixed-district about 14 miles away in nearby Cobb County where it had already secured a large tract of property.
Atlanta Mayor Kasim Reed said the city had been working with the Braves "for a long time, and at the end of the day there was simply no way the team was going to stay in downtown Atlanta without city taxpayers spending hundreds of millions of dollars to make that happen."
Turner Field will be demolished after the 2016 season, and the area will be opened for redevelopment, according to Reed.
Since news of the project broke, Cobb Taxpayers Association Chairman Lance Lamberton has said the deal is advancing too quickly and his group is concerned about where Cobb's funding portion will come from. He opposes use of any property taxes for the stadium, he said.
Under terms of the deal, the Cobb-Marietta Coliseum and Exhibit Hall Authority will issue $368 million of 30-year revenue bonds.
In addition to various local taxes and fees supporting the debt, annual financial commitments from the Braves will cover $92 million of the bond issue.
The $92 million will come from $3 million in rent, $1.5 million in naming rights revenue, $1.5 million in parking revenue, and $100,000 in marquee advertising revenue.
