Fulton County to refinance $60 million in bonds for Hawks renovation


Fulton County will have to refinance $60 million worth of loans on Philips Arena as part of a plan to refurbish the building, Fulton County Commission Chairman John Eaves said.

The Hawks basketball team plans to contribute $50 million toward a $192.5 million renovation of the arena. Fulton County is a part-owner of the property as part of the Atlanta-Fulton Recreation Authority.

Eaves said by refinancing the bonds, Fulton will serve as a backstop to the Hawks if the team folds. As part of the deal, Fulton is asking the Hawks to set aside $500,000 for community benefits, like refurbishing neighborhood basketball courts.

A spokesperson for the Hawks declined to provide more details about the bond refinancing.

Atlanta Hawks CEO Steve Koonin called Eaves and other county commissioners last month, imploring them to vote in favor of the bond refinancing. The Atlanta City Council in June approved the use of car rental taxes to fund the majority of the city’s $142.5 million investment in the renovations.

MYAJC.COM: REAL JOURNALISM. REAL LOCAL IMPACT.

The AJC's Arielle Kass keeps you updated on the latest happenings in Fulton County government and politics. You'll find more on myAJC.com, including these stories:

Never miss a minute of what's happening in Fulton politics. Subscribe to myAJC.com.



Reader Comments ...


Next Up in Local

What will weather be like for the eclipse?
What will weather be like for the eclipse?

TODAY: Plentiful sunshine. High: 92 TONIGHT: Mostly clear. Low: 70 TOMORROW: Sunny skies. High: 92 The much-anticipated solar eclipse is just two days away. So many metro Atlanta residents and people traveling in for Monday’s big event are wondering: What will the weather be like? Looks like some clouds could join the picture....
Broadband in rural Georgia poised to become a 2018 election issue
Broadband in rural Georgia poised to become a 2018 election issue

A Verizon lineman grips the strands contained in a fiber optic cable in this file photo. AP Photo/Mark Lennihan In an election year, it is the fortunate politician who can stand, arms akimbo, between a voter and an unrelenting foe. In much of rural Georgia, and in some urban deserts, that enemy isn’t Kim Jong-un or terrorists from the Middle...
Jacksonville officer in critical condition after shooting 
Jacksonville officer in critical condition after shooting 

One Florida officer is in critical condition and another is stable after being shot Friday, the Jacksonville Sheriff’s Office said. The officers were responding to an attempted suicide call, Sheriff’s Office Director Mike Bruno said. The suspect was shot by police and later died, deputies said. The injured officers were taken to UF Health...
Charlottesville victim’s mother won’t take Trump’s call
Charlottesville victim’s mother won’t take Trump’s call

The mother of the woman killed in Charlottesville, Virginia, last weekend said she does not want to hear from President Donald Trump because she believes he was “equating the protesters” like her daughter, Heather Meyer, to white supremacists,  CNN reported. "I'm not talking to the president now," Susan Bro said Friday on...
Large rattlesnake found beneath New Orleans home
Large rattlesnake found beneath New Orleans home

A wildlife removal expert captured a rattlesnake measuring nearly 6 feet long beneath a home in New Orleans, WVUE reported. Ryan Cook, who operates Gulf Coast Wildlife removal, said he was called after homeowners spotted the canebrake rattlesnake earlier this week. “This thing gets out from underneath the deck and it's pretty much the biggest...
More Stories