A government watchdog group is criticizing Cobb County government leaders over what they say was a blatant misrepresentation of what the actual taxpayer burden will be in the construction of a new Braves stadium.
Common Cause Georgia says taxpayers in Cobb can expect to pay closer to $600 million over 30 years, instead of the $300 million stated by Cobb officials. The overall cost is $672 million, with the Atlanta Braves agreeing to pick up at least $372 million of that cost.
"We want full disclosure on what all the numbers are," said Terry Taylor of Common Cause Georgia. "It's like a mortgage. If you buy a house for $200,000, you're not just paying the $200,000, you're paying a lot more than that over the 30-year term."
"I don't know what it will reach, what number it will reach," said Cobb County Chairman Tim Lee. "When you take $300 million and advertise it over the life of the bonds, there's interest associated with it. I do not personally have what those costs would be. But we have got a model for the next 30 years that takes into account the bond costs."
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Tuesday, April 20 2010 11:21 PM EDT2010-04-21 03:21:00 GMT
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