The public has been told repeatedly that Billion Dollar Stadium will only use $200 Million of the public’s money through the Hotel/Motel tax. That figure is misleading. The $200 million number is only for construction costs paid by the City. There are many other ways the public will be contributing money for years to come on the new stadium.
For starters, according to this law, 39.3% of the Hotel/Motel tax collected through the year 2050 must go to the Georgia World Congress Center Authority specifically for the Georgia Dome or its successor facility. According to this document, 39.3% of the projected Hotel/Motel tax collected through 2050 will be $882,564,382. So while, only $200 million of that $882 million can be spent on construction, the GWCCA and City will be using Hotel/Motel tax money in other ways, as the figure below illustrates.
The City of Atlanta has calculated a differed number for the 39.3% of the hotel/motel tax that will be collected, and we will share their number for the sake of transparency. They estimated that the Hotel/Motel tax will bring in $494,100,000 by 2044. It should be noted though, that their calculation doesn’t figure in any of the growth that the stadium is supposed to bring to Atlanta’s tourism industry. The Hotel/Motel tax will also run through the year 2050, which the City’s figure fails to include.
In addition to the 39.3% of the Hotel/Motel tax funds, Billion Dollar Stadium will also benefit from public money in other ways. There will be $30 million given in construction material tax breaks, $24 million for the use of free state land, and $15 million from Invest Atlanta for community development.
That makes the grand total for the public’s contribution either $951 million according to the GWCCA, or $563 million according to the City of Atlanta. That’s between half a billion to a full billion in public money. Either way it’s much more than the $200 million they’ve been selling us.
This is exactly why we are pushing to let the people decide whether or not they want to contribute this much to Billion Dollar Stadium. If you would like a say in the process please visit www.AtlantaRaiseUp.com