ATLANTA — The Georgia Supreme Court has upheld the city’s decision to use hotel-motel tax revenue bonds issued by Invest Atlanta to fund a portion of the new Atlanta Falcons stadium.
According to the city, public money to be used for construction of the $1.4 billion stadium is capped at $200. The hotel-motel tax revenue bonds will not affect the city’s bond capacity, according to officials.
The stadium, which will replace the Georgia Dome, is set to open in time for the 2017 season. In addition to football, the stadium will also be home for a new Major League Soccer (MLS) team that will start play in 2017.
“I am pleased with today’s ruling and look forward to the completion of Atlanta’s newest world-class facility,” Atlanta Mayor Kasim Reed said in a statement. “The new Atlanta stadium will generate $155 million in annual revenue within the city, secure the retention of the Atlanta Falcons in our downtown for another 30 years and create 1,400 well-paying jobs during the building’s construction. It will also keep the City of Atlanta at the forefront of the hospitality and tourism industry, which generates $13 billion annually and supports more than 200,000 jobs in the region.”