Cobb County to pay 45 percent of new stadium - CBS46 News

Cobb County to pay 45 percent of new stadium

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Proposed site for new stadium Proposed site for new stadium
COBB COUNTY, GA (CBS46) -

Cobb County will pay 45 percent of the new Atlanta Braves stadium near the intersection of I-75 and I-285.

The Braves will pay the other 55 percent on the $670 million stadium.

Highlights of the Cobb County funding plan include a mix of local funding sources that will total $300 million. There are no increases in the property tax millage rate for homeowners.

The Braves will contribute $370 million towards the new stadium. Construction on the stadium is expected to begin in 2014 and is expected to generate more than 5,227 jobs with an estimated $235 million in payroll.

The Braves will also be responsible for any construction cost overruns.

"Similar to the public, I was in shock," said Lisa Cupid, commissioner of District Four in Cobb County. Cupid said it was not until last Thursday that she was made aware of the $670 million plan to bring the Braves from downtown Atlanta to Cobb County.

"I was not the most pleased [that I did not know sooner]," she said. "It would have been nice to know."

Cupid said late Wednesday evening that a closed door meeting among Cobb County officials that afternoon helped shed some light on the plan. She said she feels more comfortable that residents of the county will not be hurt in the stadium transaction.

The Cobb County Chamber of Commerce said full details of the financing plan will be released Thursday afternoon.

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