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.
Construction of the new stadium is expected to begin in 2014, and is expected to generate more than 5,200 jobs with an estimated payroll of $235 million. The Braves said they would be responsible for any cost overruns related to the construction costs.
The Cobb County Commission is set to vote on the proposed agreement at its next meeting on Tuesday, November 26.
COMPLETE COVERAGE OF BRAVES MOVING:
* Deal meets with Reed, Braves to discuss team's departure
* Cobb still mum on taxpayers' share for new Braves stadium
* Turner Field to be demolished after Braves leave
* Fulton chairman: Keep the Braves in Fulton County
* Turner Field neighbors fear "ghost town" if Braves leave, while Cobb County neighbors jumping for joy
* Tom Glavine says he's happy about the possible move
* Braves officials discuss new stadium during press conference
* Braves president Schuerholz announces new stadium
* TEAM COVERAGE: Atlanta Braves announce plans to build new stadium
* PHOTOS Braves building new stadium in Cobb Co.
* How old is Turner Field?
* Historic moments at Turner Field
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