The Georgia World Congress Center Authority met Monday and unanimously approved a framework around a new downtown stadium for the Atlanta Falcons.
The board voted to accept proposed business terms for the new stadium, which will be built on GWCCA property.
The new stadium, scheduled to open in 2017, will house the Falcons, as well as other sports, convention and entertainment events.
The business terms call for the construction of a retractable roof stadium and associated project improvements on the GWCCA campus. The GWCCA and the Atlanta Falcons will now begin to negotiate a Memorandum of Understanding.
"We are pleased to have reached an agreement on business terms that will form the basis of a definitive agreement with the Atlanta Falcons on the development of a new stadium," GWCCA Executive Director Frank Poe said. "In addition, we are initiating a selection process for an architect and design team to run concurrent with the development of the MOU."
Discussions over a new football stadium for the Falcons have been on-going for nearly two years. NFL Commissioner Roger Goodell has voiced his support of the plan, citing the efficiency of the public-private partnership that is proposed.
The state's plan for a retractable roof stadium would cost around $1 billion.
Under the current proposal, the city of Atlanta would cover about $300 million of stadium costs through the local hotel-motel tax.
The Falcons have said they will pay the rest.
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