The Atlanta Falcons
' plan for a $1 billion retractable-roof stadium in downtown Atlanta passed its final significant hurdle Thursday, according to the Atlanta Journal-Constitution.
The paper said that the city's economic development arm approved issuing more than $200 million in bonds covered by city hotel-motel taxes by an 8-1 vote. The team intends to have the stadium completed by 2017.
Mayor Kasim Reed told the Journal-Constitution that the deal will keep the Falcons in Atlanta for the next 30 years.
"We're building a best-in-class facility that will help us attract new events and retain the Falcons," he said, adding: "They were going somewhere ... Whether that was the suburbs or another city, they weren't staying [at the Georgia Dome]."
In a statement, the Falcons said the remaining construction costs will come from the team and other private funds.
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