When Cobb County commissioners decide whether to spend hundreds of millions of dollars in public money on a new Braves stadium, proponents will argue that the county should provide the money without hesitation.
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Staff writer Dan Klepal contributed to this article.
Tuesday night: The Cobb County Commission is scheduled to vote on a Memorandum of Understanding that contains the key terms of a deal for a new Braves stadium in the Cumberland Mall area.
If deal is approved: The Braves will hire an architect and a general contractor. A series of more definitive contracts between the Braves and Cobb County will be negotiated. The team hopes to break ground in the second half of next year.
INSIDE THE DEAL
Highlights of the agreement on the table:
- Cobb County and the Braves “anticipate” a total project budget, including the stadium, parking and related infrastructure improvements, of up to $672 million. The county will be responsible for $300 million and the Braves for up to $372 million. (Plus interest in both cases.) Of the Braves’ $372 million, $92 million will be from additional bonds to be issued by the county and repaid with $6.1 million annual payments by the Braves to the county.
- The Braves have the right to cut the project budget by up to $50 million, which would reduce the team’s contribution but not the county’s. (Braves executive vice president Mike Plant said such a reduction, if made, would be related to savings in the need for parking structures.)
- The Braves will be responsible for cost overruns unless caused by changes requested by the county.
- The Braves will hire the architect, subject to the county’s approval, and will manage design and construction.
- The Braves will retain all revenue from the stadium (except for the $6.1 million annual payment to the county to repay the $92 million in bonds funding part of the team’s commitment toward construction). The Braves’ revenue streams will include tickets, concessions, parking, suites, sponsorships and naming rights, among others.
- The Braves will be responsible for routine maintenance and operating expenses.
- The team and county will make equal annual contributions into a fund for capital maintenance and repairs needed to keep the stadium up to Major League Baseball standards. The agreement does not specify the amount of those contributions.
- The Braves commit to play in the stadium from the 2017 through 2046 seasons.
— Tim Tucker