Friends, below are the correct financial facts of the Braves agreement. I cannot stress enough how this is an amazing opportunity for Cobb County. Please take time to read the real deal!
The Atlanta Braves in Cobb County – Quick Facts
The Atlanta Braves and local entities in Cobb County (Cobb County and Cobb-Marietta Coliseum and Exhibit Hall Authority) will be executing a 30-year Memorandum of Understanding with the Atlanta Braves that:
• Begins with the Atlanta Braves 2017 season. (The Braves will have the right to extend the term for an additional five years through the 2051 major league baseball season.)
• Includes a total stadium budget of approximately $672,000,000.
• Requires 55 percent of the stadium budget on net present value basis to be contributed by the Atlanta Braves with the remaining 45 percent from local funding (Cobb County, Cumberland CID, and Cobb-Marietta Coliseum and Exhibit Hall Authority).
• Results in NO property tax millage increase for Cobb County Homeowners.
• Is funded by the Atlanta Braves’ total contribution of $372,000,000 over the life of the stadium project including $280,000,000 paid by Opening Day 2017 and $92,000,000 (Net Present Value) financed over the 30-year term and paid in annual guaranteed revenues ($6,100,000 annually).
• Is funded by local entities in Cobb County including: Cobb County, Cumberland CID, and Cobb-Marietta Coliseum and Exhibit Hall Authority with:
• An approximate 3 mills property tax increase within the Cumberland CID footprint, but which will not apply to homeowners in the district. (approx. $120 annually on $100,000 market value property).
• A $3 transportation (Circulator) fee on CID-only hotel night stays;
• A 3 percent rental car tax.
• Existing Hotel/Motel Tax ($940,000 from Cobb County).
• Reallocation of existing Property Tax Revenues (there will be no increase in property taxes to Cobb County homeowners): $8,670,000.
• Results in significant economic impacts in Cobb County and the region, including:
• 5,227 construction jobs with $235,000,000 in construction earnings, $35,000,000 of which will be in earned in Cobb County.
• 3,141 ongoing ballpark jobs, resulting in $35,800,000 in earnings, with 1,617 of those jobs in Cobb County, resulting in earnings of $6,232,500 in Cobb County.
• Visitor spending, resulting in 873 jobs which provide $25,000,000 in earnings, of which $8,906,754 will be earned in the county.
Jan. 31, 2013
I would like to recognize Cobb County employees for doing the best job possible during the terrible... More »