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Falcons, city of Atlanta nearing deal for new stadium

Atlanta, GA (Sports Network) - The Atlanta Falcons and Atlanta Mayor Kasim Reed have reportedly reached an agreement on key aspects for a deal to build a new downtown stadium.

According to the Atlanta Journal-Consitutution, the terms that are expected to be released shortly by Reed and Falcons owner Arthur Blank will have the team responsible for $50 million in infrastructure costs to build the new stadium.

The Blank Family Foundation also would contribute $15 million in projects aimed at helping local neighborhoods close to the current stadium, the Georgia Dome, which opened in 1992.

Although the deal is not official, the public contribution for a new stadium would be capped at $200 million, with the funds to come from a taxation of hotel and motel collections by the city of Atlanta.

The Atlanta city council still has to lend its approval, however, and the city's economic development agency, Invest Atlanta, would need to commit $15 million as well.

Added in the terms are a call for an equal opportunity plan that would ensure at least 31 percent participation by women and minority business enterprises in the new stadium's construction and design.

03/07 16:02:40 ET