Public Thrown for Loss in (nearly)Free Falcons Stadium?
By Al Gray
Georgia Dome to be Torn Down for new Falcons Stadium
About two months ago, a “term sheet” was signed by the Georgia World Congress Center and the Atlanta Falcons to build a new retractable-roofed stadium for their pro football team. After the travails that followed the notorious Augusta Tee Center Term Sheet, the mere mention of that phrase was enough to raise eyebrows.
The thought came to mind “What if……?” What if it was a one-sided deal against the public? What if the consultants’ reports were not analyzed? What if the cost to the taxpayer was a whole lot greater than advertised? What if the legalese meant huge opportunities for cost-shifts to the public? What if media was silent because of the team owner’s position on the board of the Atlanta newspaper’s parent company?
The deal was too huge and the possibilities too big to ignore, so this author performed a month long investigation on the reported stadium costs versus what the documents showed. The report that came from this effort is the inaugural article in agraynation.com, the multimedia blog born out of the Augusta Project, that work being a year-long series of investigations and articles that appeared in City Stink and the Augusta reform Facebook pages.
The Falcons say they are paying $700 million of the $1.2 billion cost.
Are they really? Or is this another prank of being short sheeted via term sheet? Will the weary public think it is turning in to a warm comfy bed, only to find all openings denied?
The full report, found here, compiles figures from consultant reports, the term sheet, and the financing. It suggests that the Falcons may only be paying $50 million or less.
Most of the cost is all ours.
There is a big rush to get this deal approved ASAP.