The Atlanta Braves reached an agreement with Cobb County on an operating agreement that will obligate the county to borrow up to $396 million to build the team's new stadium, the Atlanta Journal-Constitution reports.
Braves plan to relocate from downtown Atlanta to Cobb County, at the northwest intersection of I-75 and I-285 in the Galleria/Cumberland Mall area, in time for the 2017 season. The new stadium will seat approximately 41,500 fans.
Since 1997, the Braves have played at Turner Field, which was originally built for the 1996 Summer Olympics.
The proposed new stadium will cost $622 million, with $392 million coming from the public. That includes $368 million in bonds, $14 million in transportation sales tax and $10 million in cash from businesses in the Cumberland Community Improvement District.
“Today was an historic day,” Braves executive vice president of sales and marketing Derek Schiller said. “We celebrate a great moment in our relationship with Cobb. We’re ready to build this ballpark.”
Last week, it came to light that the team's deal with Cobb County was kept secret to ensure the deal would get done.
The Atlanta Falcons also hope to open a new stadium in 2017. VERDUCCI: Why pace of play has slowed to a crawl, and a dozen ways to fix it