Atlanta mayor Kasim Reed said that the city will have a proposal for a new stadium ready sometime this month.
"Sometime in the month of March, we'll be coming to you to give you, once we are finished visiting with the Falcons, a detailed review of terms of the conversation," he told the Atlanta City Council on Thursday night, according to the Atlanta Journal-Constitution. "You all will get that immediately, as soon as we have an agreement with the Georgia World Congress Center and the Falcons."
The city council must approve the proposal before the $1 billion stadium plan can go forward.
It is expected that a hotels and motels tax would cover $200 million in city bonds to build the stadium, with the Falcons and NFL paying for the rest of it. It would also include issuing personal seat licenses.
It is not clear if the city's proposal will feature a domed stadium or an outdoor venue. Falcons CEO Rich McKay said in mid-February that if sufficient public money is not contributed to a multi-use domed stadium with a sliding lid, the Falcons could build their own open-air venue outside of city limits.
The Falcons' lease with the Georgia Dome ends in 2017 and the team wants a new stadium. The Georgia Dome opened in 1992.