The Atlanta Falcons and the city of Atlanta have agreed basic terms on a $1 billion deal for a new stadium.

Negotiations have been ongoing for months on a plan to replace the Georgia Dome - the NFL franchise's 21-year-old home - with a new venue equipped with a retractable roof in downtown Atlanta.

Under the current agreement, a new stadium would be constructed on one of two sites near the Dome, which would be demolished.

Public spending on the stadium-building project will be capped at $200 million - which will be drawn from a hotel-motel tax - with the rest set to be covered by the Falcons' owner Arthur Blank and the NFL.

Though there are still plenty of hoops left to jump through, the Falcons expect the new stadium to come online in 2017.


Posted on 08/03/2013