New billion-dollar Falcons stadium to be built in 'heart of Atlanta'

GA Daily News has leaed that a tentative deal has been reached to build a new stadium for the Atlanta Falcons "in the heart of the city."

Mayor Kasim Reed and team owner Arthur Blank made the announcement during a press conference at City Hall.

Under the proposed deal, Reed said that the city will contribute $200 million, which will come from the city's hotel-motel tax. The other $800 million will be paid by the Falcons. The Falcons will also contribute an additional $50 million in infrastructure costs.

Reed said that the Arthur Blank Family Foundation would contribute another $15 million to fund developmental projects in neighborhoods close to the new stadium.

Blank called the deal a "win-win" for all parties involved.

The proposed deal is now in the hands of the Georgia World Congress Center and the Atlanta Falcons Association, Reed said.

The Atlanta City Council must still approve the new deal, officials said.