The Georgia World Congress Center Authority will vote on a non-binding term sheet — a major step toward approval of the new downtown stadium.
The Georgia World Congress Center Authority will vote Monday on a 24-page, non-binding term sheet that could start the process of getting a new downtown Atlanta stadium built for the Atlanta Falcons.
A negotiation already two years in the making, the term sheet could be an integral step in moving toward a more detail oriented binding term sheet, according to a report from the Atlanta Journal Constitution that pulled together publicly available records to see the inner workings of the proposals.
The GWCCA would own the stadium, but would lease it out to the Falcons, who would then operate the facility under a 30-year lease agreement. The initial workings of the deal outline a "operable-roof, state-of-the-art, multi-purpose stadium on (the) GWCCA campus," which would open in 2017.
Proposed locations for the new stadium all center around the current home of the Falcons, the Georgia Dome, either near the intersection of Martin Luther King Jr. Drive and Northside Drive to the south or the intersection of Northside Drive and Ivan Allen Jr. Boulevard to the north.
Costs, according to the AJC report, are estimated to run between $948 million and $1.032 billion, $600 million of which the AJC estimates would fall to the Falcons themselves.