Monday, December 10, 2012

The SEC championship game closer to getting a new billion-dollar home in Atlanta.

The Georgia Dome, current home of the SEC champiojship game.

The SEC championship game could be closer to getting a new home in Atlanta. The Georgia World Congress Center Authority approved anon-binding framework agreement that would lead to a new retractable roof stadium in the ATL to serve as the home for the Atlanta Falcons, as well as events like the SEC championship game and the Chick-fil-A bowl. The cost of the new building? Around one billion dollars.

Key business terms approved by the board include:
  • The GWCCA, a state agency, would own the stadium.
  • The Falcons would operate the stadium under a 30-year license agreement, with options to renew for an additional 15 years.
  • A portion of the construction cost would be funded by revenue from the hotel-motel tax in the city of Atlanta and Fulton County; that portion has been estimated at around $300 million. The rest, including any cost overruns, would be the Falcons’ responsibility, although that could be offset by the sale of personal seat licenses.
  • The Falcons would pay annual rent of $2.5 million, increasing 2 percent per year, to the GWCCA.
  • The Falcons would be responsible for all of the stadium’s operating expenses and would retain all revenue.
  • The Georgia Dome would be demolished, and many events held there would move to the new stadium.
  • The new stadium would be built on the GWCCA campus, with the final selection from two sites – one just south of the Dome and the other a half-mile north of the Dome – deferred until the negotiation of a more definitive memorandum of understanding early next year.
The new stadium could be ready for service by 2017.

The SEC championship game and the Chick-fil-A Bowl were not specifically mentioned in the article, but it's a no-brainer that the two college football events would be moved over to the new football stadium.

(via The Atlanta Journal-Constitution)