Atlanta Mayor Kasim Reed announced an agreement to build a new downtown retractable-dome stadium for the Falcons. Financing for the billion-dollar project would come mostly from the Falcons but in part from a tax on hotel rooms.
Reed said the Falcons pledged $800 million in funding. The hotel-motel tax would contribute $200 million.
Falcons' owner Arthur Blank said the team would take on all costs of construction overruns, stadium maintenance and operations.
City Council President Ceasar C. Mitchell said the deal is subject to the council's approval and they will fully vet it.
The Mayor cautioned that "there's a lot of time between now and a vote" in the city council. Reed said he listened to input from council members as he negotiated the stadium agreement.
Governor Nathan Deal endorsed the agreement and praised Blank as "Citizen Number One" of Atlanta. The Falcons also pledged millions to help support the neighborhoods surrounding the stadium.
"We have a great capital city," said the Governor. "This is only going to make it better."
The Georgia World Congress Center Authority said the preferred site for the new stadium is about 250 yards south of the Georgia Dome.