COBB-MARIETTA COLISEUM & EXHIBIT HALL AUTHORITY APPROVES FINANCING FOR BRAVES STADIUM
FOR IMMEDIATE RELEASE
November 25, 2013
ATLANTA – The Cobb-Marietta Coliseum and Exhibit Hall Authority today approved a Memorandum of Understanding with Cobb County and the Atlanta Braves for the financing of the new Atlanta Braves Stadium. The vote was unanimous.
The Authority has agreed to issue $368 million of 30-year revenue bonds of which the Atlanta Braves’ annual financial commitments will cover $92 million of the bond issuance. Annual payments of the remaining $276 million will be paid for by Cobb County and the new Cumberland Special Services District, as outlined in the Memorandum of Understanding.
“The Authority is putting their full support behind Cobb County, the Atlanta Braves and the stadium project,” said Jerry Nix, Chairman of the Authority. “This is one of the largest economic development projects in recent memory, and it will have a tremendously positive impact on the Cumberland Galleria district, its businesses and residents. From the perspective of the Cobb Galleria Centre, Cobb Energy Performing Arts Centre, and the Galleria Specialty Shops, having the Atlanta Braves within walking distance of our properties will be a tremendous asset in attracting new conventions, patrons, retail tenants and other associated development projects. All of this activity helps support our mission of delivering economic benefits to Cobb County and the state of Georgia.”
Nix also remarked on the benefits of the site selection. “The Cumberland Galleria area is a prime location for events of all types. At the intersection of two major interstates, we are 20 minutes from the airport, 10 minutes from downtown Atlanta and within walking distance to shopping, dining and entertainment. We couldn’t be more pleased that the Braves have recognized what we and our clients have known for years – that the Cumberland Galleria area is an ideal location, accessible by all of metro Atlanta residents, business people, arts patrons, and now, Braves fans,” Nix said.
The Cobb-Marietta Coliseum and Exhibit Hall Authority is the governing body of the Cobb Galleria Centre, Cobb Energy Performing Arts Centre and Galleria Specialty Shops. The seven-member appointed Authority is a body corporate and politic created by the Georgia General Assembly in 1980 for the purpose of acquiring, constructing and maintaining facilities for the general purpose of promoting cultural growth, education and welfare.
Located in the beautifully landscaped 88-acre Galleria complex in prestigious northwest Atlanta, Cobb Galleria Centre, opened in 1994, is Atlanta’s premiere convention facility with 320,000 square feet of event space, 4 exhibition halls, 20 meeting rooms, 4 executive boardrooms and a grand ballroom. For more information on Cobb Galleria Centre visit cobbgalleria.com.
The Galleria Specialty Shops, acquired by the Authority in 1999, is one of Atlanta’s premier shopping locations with one-of-a-kind shops and restaurants. For more information on the Galleria Specialty Shops visit galleriaspecialtyshops.com.
The Cobb Energy Performing Arts Centre, opened in 2007, is located at 2800 Cobb Galleria Parkway in northwest Atlanta. Cobb Energy Centre is a premier venue for opera, concerts, Broadway shows, ballet, educational shows, family shows and corporate meetings and events. The Centre hosts two resident companies, the Atlanta Ballet and The Atlanta Opera. The facility includes a 2,750-seat theatre, a 10,000-square-foot ballroom and other meeting spaces. For more information about the Cobb Energy Performing Arts Centre, visit cobbenergycentre.com.
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