Sports

Terms Reached For $1B Falcons Stadium

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Arthur Blank (credit: Kevin C. Cox/Getty Images)

Arthur Blank (credit: Kevin C. Cox/Getty Images)

ATLANTA (AP) Officials say financing terms have been reached for the Atlanta Falcons’ proposal for a new $1 billion stadium in downtown Atlanta. The Atlanta City Council must now vote on the proposal.

Atlanta Mayor Kasim Reed and Falcons owner Arthur Blank announced the financing deal Thursday at a news conference along with the Georgia governor.

Reed says the public contribution to stadium construction through hotel-motel tax revenue will be capped at $200 million.

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