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NFL lends Falcons $200 million for new stadium

Published May 21, 2013 08:16 AM
Arthur Blank

In this photo taken on Dec. 9, 2010, Atlanta Falcons owner Arthur Blank sits in his office during an interview in Atlanta. The Falcons have bounced back from the dismal 2007 season with a flourish, and much of the credit must go to Blank who hired the right people after putting too much faith in Michael Vick and Bobby Petrino. (AP Photo/David Goldman)

AP

The 32 NFL team owners voted today to lend the Falcons $200 million for their new stadium in Atlanta.

“Today’s approval by the NFL team owners is an important milestone in moving the new stadium project forward,” Falcons owner Arthur Blank said in a statement. “We are pleased with the outcome of today’s vote, and we look forward to continued progress in designing and constructing the new multi-purpose stadium over the next four years. We, along with our City of Atlanta and State of Georgia partners, are excited to participate in a project that will benefit the city and state for many years to come.”

Taxpayers will pick up $200 million of the cost of the stadium, and Blank will foot the bill for the rest. The total cost is expected to come in at around $1 billion.

The Falcons currently play in the Georgia Dome, which opened in 1992. Plans call for the Georgia Dome to be demolished and the new stadium to be ready to go by 2017.