Falcons Have a Way Out of Their Stadium Deal

February 19, 2014 7:07 am

by Tim Darnell

The Atlanta Falcons can kill their stadium deal if the city hasn’t sold at least $200 million in bonds by Sept. 30, according to The Saporta Report.

The team can also back out if the former Herndon Homes public housing site isn’t made available for surface parking.

On Wednesday morning, the Atlanta City Council’s Utilities Committee is set for a work session to discuss the proposed abandonments and the configuration of streets in the stadium area. 

Herndon Homes was built during World War II and named for Alonzo F. Herndon, founder of the Atlanta Life Insurance Co. The Atlanta Housing Authority demolished the community, of about 500 homes, in 2011 with plans to sell the property.

These details and others are contained in the instruments signed Feb. 5 by Frank Poe, executive director of the Georgia World Congress Center Authority, and Rich McKay, president/CEO of the Atlanta Falcons Stadium Co.

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