National Football League

Falcons secure financing for stadium

Published Mar. 7, 2013 12:00 a.m. ET

foxsports

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.

He says the city will provide $15 million toward the stadium. He says the Falcons will pay $800 million and an additional $50 million for infrastructure-related costs associated with construction.

The franchise is also responsible for paying for any budget overruns.