Butler Snow Serves as Bond Counsel and Disclosure Counsel for Cobb County for $376,600,000 Revenue Bonds for New Atlanta Braves Stadium
Butler Snow served as Bond Counsel for the issuance of Cobb-Marietta Coliseum and Exhibit Hall Authority's (the "Authority") $376,600,000 in revenue bonds that will fund part of the construction of SunTrust Park, the new $672,000,000 home of the Atlanta Braves, and also served as Disclosure Counsel to Cobb County, Georgia (the "County"). This project is among Butler Snow's growing list of economic development projects around the country utilizing public-private partnerships.
SunTrust Park will seat 41,500 fans and will be located in Cobb County at interstates 75 and 285, approximately 10 miles north of downtown Atlanta. The stadium will showcase state-of-the-art technology, a canopy around the top, clubs with restaurants and bars, air conditioning on each level, and spacious premium seating featuring in-seat food service. SunTrust Park will be adjacent to a premier mixed-use development scheduled to include the Omni Northwest Hotel, the Roxy, a 50,000 square foot entertainment venue, and upscale retail and dining.
The financing structure involved an intergovernmental agreement between the Authority and the County, pursuant to which the County agreed to pay to the Authority amounts sufficient to enable the Authority to pay debt service on the bonds. The validation of the bonds was appealed to the Georgia Supreme Court, which affirmed the trial court's favorable judgment validating the bonds and the security for the bonds.
See the following articles for more information about the bond financing for SunTrust Park:
Inside Counsel – Butler Snow Team Hits Home Run with Braves Stadium
Bloomber – Cobb County, Ga. and Butler Snow Close Bond Transaction for New Atlanta Braves Stadium
Law360 – Butler Snow Guides $377M Bond Deal For Braves Stadium
Athen Banner-Herald – Cobb County issues bonds for new Braves stadium