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The Georgia World Congress Center Authority board unanimously approved a non-binding term sheet for a new downtown stadium for the Atlanta Falcons. The term sheet sets a foundation for a more serious stadium agreement between the GWCCA and the Falcons.
The plan calls for a stadium with a retractable roof, and the total cost of the project is projected to be around $1 billion. According to the term sheet, part of the stadium's cost would be paid by the hotel-motel tax in Atlanta and Fulton County, which would account for around $300 million; the Falcons would be responsible for the rest. The Georgia Dome would be demolished, and the new stadium would be ready for the start of the 2017 season.
The Falcons have been playing in the Georgia Dome since 1992; it is the 11th-oldest venue in the NFL. The building has hosted a number of other events, including the SEC football championship game and the Chick-fil-A Bowl.
This story originally appeared at SB Nation.