The Georgia World Congress Center Authority Board approved the final framework on a deal with the Atlanta Falcons to replace the Georgia Dome with a retractable-roof stadium.

A site for the new stadium has not been finalized, but two locations to the north and south of the Georgia Dome were mapped out at Monday’s meeting where the vote took place, Channel 2’s Jim Strickland said.

GWCC sent out a news release following the vote.

“The new stadium, scheduled to open in 2017, will house the Falcons, as well as other sports, convention and entertainment events. The business terms call for the construction of a new operable roof stadium and associated project improvements on the GWCCA campus. The GWCCA and the Atlanta Falcons will now begin to negotiate a Memorandum of Understanding,” the release said.

Estimates show that a new stadium could cost around $1 billion.

"We are pleased to have reached an agreement on business terms that will form the basis of a definitive agreement with the Atlanta Falcons on the development of a new stadium," GWCCA Executive Director Frank Poe said. "In addition, we are initiating a selection process for an architect and design team to run concurrent with the development of the MOU."

Early indications show it would be paid in part by taxes collected by a hotel/motel tax, and a big chunk would be paid for by the Falcons and the NFL.

Season ticket holders would also have to buy the rights to purchase tickets, raising millions more.

A formal contract for the new stadium is expected by mid-January.