No hike in Cobb property taxes to pay for Braves stadium | 11alive.com

MARIETTA, Ga. — Thursday morning, Cobb County officials announced funding for the Atlanta Braves’ new baseball stadium, to be constructed in the Cumberland-Galleria area.

The agreement calls for the baseball team to fund 55 percent of the project’s cost, while the county will responsible for the remaining 45 percent. The team will begin playing in the new ballpark in 2017, and play there for at least 30 years.

The county’s funding plan includes a mix of sources totaling $300 million. Officials said in a statement there would be no increase in the property tax millage rate for Cobb County homeowners.

Cobb County Commission Chairman Tim Lee says none of Cobb County’s individual homeowners will feel a thing. He said the bulk of the county financing would come from the Cumberland Improvement District, which already taxes businesses around the Cumberland-Galleria area.

Lee told 11Alive’s Paul Crawley that the present tax on businesses in that area — now at 5 mils — will add 3 mils in three years, as part of the funding mechanism. In addition, an additional $3 per night fee will be added to the county’s hotel-motel tax, which will specifically be earmarked for a circulator transit system, primarily buses and trolleys, in the Cumberland-Galleria area around the stadium.

Lee also said there will be a rental car tax in the county.

All of the funding measures will go before the full Cobb County Commission at their Tuesday, November 26 meeting.

via No hike in Cobb property taxes to pay for Braves stadium | 11alive.com.