BRADENTON, Fla. - Up to $397 million of bonds will be sold by a Cobb County, Ga., issuer to finance a portion of the Atlanta Braves new $672 million Major League Baseball stadium.
County commissioners approved the bond resolution May 27, along with other agreements supporting the deal such as an operating agreement and the team's commitment to play at the ballpark from its opening in 2017 until at least 2047.
Of the bond proceeds, $368 million will be used for construction and the remainder will be used for capitalized interest and issuance costs. Most, if not all, of the bonds are expected to be taxable.
The Cobb-Marietta Coliseum & Exhibit Hall Authority plans to competitively issue the bonds backed by the full faith and credit and taxing power of county as early as September, according to county finance officials.
Similarly structured Cobb County deals have earned triple-A ratings across the board.
"We are thrilled the Cobb County Commission has taken this large, and final, step that will allow this project to move forward," said a statement from Mike Plant, the Braves' executive vice president of business operations. "These agreements are the framework that will ensure a successful partnership between our organization and Cobb County."
Passage of the bond resolution enables the county's finance team to get the bonds validated by a Georgia court, seek ratings, and complete other activities for the sale.
The Braves are moving about 14 miles from Turner Field in downtown Atlanta, to the northwest corner of the Interstate 75 and I-285 intersection in unincorporated Cobb County. The new stadium will seat 41,500 spectators.
Adjacent to the stadium, the team is privately financing a development of retail, restaurants, residential, hotel and office space to increase year-round profitability.
