The Atlanta Braves will pay at least $372 million toward the cost of a new suburban ballpark and mixed-use development, while Cobb County will have its cost capped at $300 million, according to documents released by the pair.
The county’s portion will come from three sources: $276 million from the existing Cobb-Marietta Coliseum Authority (raised with 30-year revenue bonds), $14 million in transportation funding, and $10 million from the Cumberland Community Improvement District. These costs are backed by a new three percent car-rental tax and a $3 per night hotel-room charge; property taxes rates are not going up.
The Braves will pay $290 million up front, pay rent of $3 million annually, share naming-rights revenue and parking revenue (each capped at $1.5 million annually), and ad revenue of $100,000 annually. Of the $372,000,000 coming from the Braves, $280 million will be paid up front and the remaining $92 million paid over the 30-year lease.
You can see the financial plan here:
The decision to build a new ballpark came after the Braves presented the city of Atlanta with a wish list of what could be done to keep the team at Turner Field. You can view the wish list here, but the bottom line is that the Braves were willing to pony up some $10 million annually in rent if the city could have met some basic capital improvements, including a parking ramp, and agreeing to some basic conditions, like preventing adult-entertainment clubs near the ballpark.
RELATED STORIES: Turner Field to be torn down in 2017; Braves to leave Turner Field, will build new Cobb County ballpark
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