$300M in public funds set aside for Braves stadium
By ASSOCIATED PRESS
Cobb County officials have released details in the financing of the proposed new $672 million Atlanta Braves stadium. While about $300 million will come from Cobb County funds, county leaders promised no new taxes for property owners.
The new ballpark and mixed-use development is slated to be built at the intersection of Interstate 285 and 75 in time for the 2017 season.
The Braves will be contributing about 55 percent -- $372 million – in construction costs, while the county will pay the remaining 45 percent.
Cobb County Commission Chairman Tim Lee said that residents won't see a tax hike.
"Cobb County residents will have no tax increase whatsoever towards this project and, in my mind, significant benefits associated with job creation, the economic development and the economic growth and boom that occur as a result of this," Lee said.
The funds will come from hotel-motel taxes, a new rental car fee and a Cumberland district tax, Lee said. That Cumberland tax will be assessed against businesses in the community.
The four commissioners and Lee will vote on the measure on Nov. 26. Lee said he's optimistic the proposal will be approved.
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