Philips Arena to get $192.5 million facelift
"The Atlanta Hawks and the city have come to terms on a deal that includes public funds to renovate Philips Arena, a move that could keep the NBA franchise downtown through 2046.
The $192.5 million agreement extends the Hawks lease by 18 years and calls for taxpayers to pay $142.5 million, or about three-quarters, to upgrade the arena, with the Hawks to contribute $50 million. The Tuesday announcement comes almost exactly three years after the Braves unveiled plans to leave Turner Field for a new suburban ballpark in Cobb County, which will open next year, and as construction continues on a new stadium for the Falcons.
Mayor Kasim Reed said no tax hike or general fund dollars will be used to pay the city’s share of the Philips deal. The bulk will come from an extension of the city’s rental car tax, which state lawmakers approved earlier this year.
Philips construction will take place mostly during the Hawks’ offseason, with completion expected in time for the 2018-2019 season, the 50th anniversary season of the Hawks’ move from St. Louis, team CEO Steve Koonin said.
Reed said the deal will help seed redevelopment in the area of Centennial Olympic Park and the Gulch, the vast tangle of parking lots and rail lines that sits below Philips and stretches to Five Points.
Tony Ressler said Hawks ownership has shown its commitment to the city by the signing of a top caliber coach and free agents and its drive to win a championship. He said the team will be a contributor to downtown’s revitalization."
Read the full article at the link above.