Cobb County, GA
We should get our first look today at the fine print on a deal that will move the Atlanta Braves to Cobb County.
While Cobb County Chairman Tim Lee predicts commissioners will unanimously approve a deal to move the Braves to Cobb County, commissioners themselves say they’re waiting to see what the 672 million dollar deal will actually look like before they sign on. That happens later today when they’ll see for the first time a memo of understanding between the county and the Braves.
It’s this MOU that will spell out who does what and who gets what. County commissioners will vote on whether to approve the MOU one week from tomorrow (Nov. 26).
We already know the county will pick up 45-percent of that tab for construction of the new sports and entertainment complex, The Braves organization will fund the rest and if there are cost overruns, the Braves will fund them as well. The deal is for 30-years, though the team has a 5-year extension clause. It includes not just a ballpark, but an entire mixed-use development centered on the stadium.
We will also see details on the issuance of bonds as well as on taxes to repay those bonds and on the transportation improvements that will be necessary to get this deal off the ground.