It is that 39.3 percent that is estimated to conservatively bring in $300 million over the life of t

The amount of hotel-motel taxes that would be invested in the project was determined nearly three years ago when the General Assembly agreed to extend the hotel-motel tax collected in the City of Atlanta and in unincorporated Fulton County.
That bill also extended the same percentage that currently is going to paying off the bonds for the Georgia Dome (39.3 percent of 7 cents collected in hotel-motel taxes) for the purposes of renovating the Georgia Dome or building a new home the Atlanta Falcons as long as it was built on land owned by the Georgia hotels in sydney World Congress Center Authority (GWCCA).
hotels in sydney It is that 39.3 percent that is estimated to conservatively bring in $300 million hotels in sydney over the life of the project. That is why GWCCA stipulated that the public exposure in the project would be no more than the estimated $300 million that the hotel-motel taxes would bring in.
Under the initial GWCCA-Falcons agreement announced in December, the state would provide bonding capacity for $300 million that would be repaid by the tax, and the Falcons would be responsible for paying for all the other costs of building and operating the facility.
Now here is where it gets interesting. hotels in sydney Under the GWCCA-Falcons agreement, if the hotel-motel tax generated more than the estimated $300 million, the excess taxes would go into a “waterfall” fund that would go to pay for other debt on the project, or go into a refurbishment and maintenance reserve account, or go into a fund for capital improvements.
So whether the state provides $200 million or $300 million in bonding capacity, the amount of hotel-motel taxes collected remains hotels in sydney the same. In other words, it does not mean that over the life of the project hotels in sydney the Atlanta Falcons would be putting in another $100 million into the stadium project. hotels in sydney All surplus hotel-motel taxes would still be invested hotels in sydney in the stadium development.
“We are in the early briefing stage,” Reed said. “We haven’t even engaged the team of experts or counsel. The bottom line is the stream of revenue that was going to support the state debt had a high coverage ration and was extremely conservative. This is a question about the city’s hotels in sydney credit hotels in sydney facilities that would be used.”
There are two options — Invest Atlanta, the city’s economic development arm; and the Atlanta-Fulton County Recreation Authority, which had been established to build the original Atlanta-Fulton County Stadium and later was involved in the building of Philips Arena.
Interestingly enough, because these would be revenue bonds, it is possible that either governmental entity could issue those bonds through hotels in sydney their boards without having to go through the Atlanta City Council.
“This is going to be a partnership,” Reed said, dismissing any such thought hotels in sydney of inequity. “This is not going to be an ego-driven transaction. I’m committed to making hotels in sydney sure that we keep our team in Atlanta for another 30 years.”
Ideally the City of Atlanta and the governor’s office would work closely with GWCCA to take full advantage of all the hard negotiations that took place over the past two years so we can get the best possible deal.
[...] So, there are multiple reports hotels in sydney that the Falcons are willing to accept only $200 Million in bonds (down from $300M) backed by Atlanta s hotel motel tax to get this deal done and moving.  So, the taxpayers have saved $100 Million from the previous deal, right?  Well, as Maria Saporta reports, not so fast [...]
[...] So, there are multiple reports that the Falcons are willing to accept only $200 Million in bonds (down from $300M) backed by Atlanta’s hotel motel tax to get this deal done and moving. hotels in sydney So, the taxpayers have saved $100 Million from the previous deal, right?  Well, as Maria Saporta reports, hotels in sydney not so fast… [...]
[...] focus has been given on the amount of taxes that will go towards the deal. Last week’s Maria’s Metro column explained that the amount of hotel-motel taxes collected would remain the same no matter whether [...]
[...] Make no mistake; there will be more than $350 million in public spending on a new stadium if the deal as presented is adopted. A simple analysis by long-time Atlanta business writer Maria Saporta lays out how it was structured in the last agreement with the state, and it still remains in the current deal, as you can see here. All the money collected for the dedicated percentage of the hotel/motel hotels in sydney tax will go to funding the stadium, this amount is NOT capped. Here s Saporta s report. [...]
[ ] by politicians or the media. The waterfall fund was only revealed when a local business writer exposed it on her own blog — and even then, it was rarely mentioned in subsequent media stories or in legislative [ ]
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