Cobb County, Ga., yesterday announced the closing of the bond transaction financing the construction of SunTrust Park, the new home of the Atlanta Braves located in Cobb County. Butler Snow served as bond counsel for the issuance by the Cobb-Marietta Coliseum and Exhibit Hall Authority and also served as special counsel and disclosure counsel to Cobb County, Ga., where the new stadium will be located.
The bonds, totaling $376.6 million, will fund a portion of the estimated $622 million cost of construction of the stadium. In addition to the backing of the bond issue provided by Cobb County, other funding sources in the public-private partnership include businesses in the Cumberland Community Improvement District and the Braves.
“This state-of-the-art stadium is opening a new era in sports for the Braves organization and Major League Baseball and a major impact development for Cobb County,” said Donald Clark, Jr., chairman, Butler Snow. “Butler Snow is proud to be part of this historic new chapter in our national pastime and in the future of Cobb County.”
The 41,500-seat stadium, located at the intersection of interstates 75 and 285, is scheduled to open in April 2017. It will occupy approximately 15 acres of a larger tract being developed by the Braves as a mixed-use development.