- #Philips arena full
- #Philips arena series
AFRCA will provide a one-time contribution of $4 million to the fund, and the City will contribute an additional one-time $1 million from funds to be determined within sixty days of the passage of the FY2018 budget. The Atlanta City Council also approved a resolution to create a Stadium Neighborhoods Community Trust Fund, which will fund projects to directly benefit residents of the surrounding neighborhoods. The City of Atlanta will not serve as a backstop for this debt associated with the renovations of the arena and this agreement will not affect the city’s bond capacity or credit capacity.
No property taxes or new taxes of any kind would be paid by or levied on City of Atlanta residents or businesses to fund renovations of the arena. The ongoing capital repairs and maintenance costs of Philips Arena will be covered by a facility charge on tickets to be imposed by AFRCA. /cdn.vox-cdn.com/uploads/chorus_asset/file/12744413/Screen_Shot_2018_08_29_at_12.31.07_PM.png "philips arena")
The agreement includes a break-up clause that would require the Atlanta Hawks to pay up to $200 million should the team leave the City prior to the 2047-2048 season. This monitor will report on a quarterly basis about the status of the EBO goals. The team will hire a licensed attorney, jointly selected by the City of Atlanta and the Atlanta Fulton County Recreation Authority (AFRCA), to serve as an EBO monitor. #Philips arena full
To promote full and equal business opportunities in connection with the transformation of the arena, the Atlanta Hawks have agreed to develop an Equal Business Opportunity (EBO) Plan that will ensure at least 31 percent participation by women and minority business enterprises.Under this extension, the arena operator will make lease payments of $5.9 million to the City.
The team and the arena operator will execute an extension of the lease and operating agreement for the facility. The Atlanta Hawks will contribute $50 million to the renovations of the arena.No money from the City’s general fund will be used on this project. An additional $32.5 million will come from the City’s proceeds of the sale of Turner Field to Georgia State University and Carter and from the liquidation of other underutilized City assets.
#Philips arena series
The public contribution for arena renovations is capped at $142.5 million, of which $110 million will come from a series of bonds backed by the recently expanded car rental tax collected at the CONRAC (Car Rental Facility) at Hartsfield-Jackson Atlanta International Airport and other facilities throughout the City. On November 1, 2016, Mayor Reed announced the deal terms for the $192.5 million transformation of Philips Arena. The approval ensures that the Atlanta Hawks remain in the City of Atlanta for decades to come and will maintain Philips Arena, a keystone of Downtown Atlanta, as a highly competitive venue for sports and entertainment events. Mayor Kasim Reed Announces Approval of Final Agreement to Transform Philips ArenaĪtlanta City Council also votes to establish $4 million Stadium Neighborhoods Community Trust FundĪTLANTA – Mayor Kasim Reed announced today that the Atlanta City Council has voted to approve the extension of car rental tax collected at the CONRAC (Car Rental Facility) at Hartsfield-Jackson Atlanta International Airport.
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