Falcons move closer to new stadium

It’s not a done deal yet, but it looks like the Falcons have taken a pretty big step toward getting a new stadium in downtown Atlanta.

Mayor Kasim Reed and Falcons owner Arthur Blank announced Thursday afternoon that they have agreed on some major components, according to The Atlanta Journal-Constitution. Mainly, the Falcons will invest $50 million in infrastructure costs for the stadium. The Arthur Blank Family Foundation will also spend $15 million in improvements for neighborhoods close to the proposed stadium. The city’s economic development agency, Invest Atlanta, also would commit $15 million for projects in the area.

The Falcons and the Georgia World Congress Center Authority are still negotiating terms of a memorandum of understanding, and parts of the deal still would need final approval from Atlanta City Council, the GWCAA board, Invest Atlanta and the Fulton County Commission.

There still might be some potential for bumps in the road. But the latest development is yet another sign that the Falcons and the city are doing their part to make sure the team stays in Atlanta.