ATLANTA (CelebrityAccess) — The NBA team The Atlanta Hawks announced plans for a $192.5 million renovation of Philips Arena that will largely be funded by taxpayers.
According to the Atlanta Business Journal, the team reached an agreement that will see the city invest $142.5 million toward the project, and the Hawks $50 million in upgrades to the arena.
As part of the deal, which was announced Tuesday, the Hawks agreed to an 18-year lease extension to remain at the city-owned arena through 2046.
Planned upgrades for the venue include upgrades to the luxury boxes, including a variety of different sized suites, improved sightlines, a state-of-the-art video system and connected concourses, the Associated Press said.
Atlanta Mayor Kasim Reed said that the city will fund their share of the upgrade with an extension of the car rental tax, generating $110 million. As well, the city will invest $12.5 million toward the arena's renovation with proceeds from the sale of Turner Field, the stadium that formerly served as the home of the Atlanta Braves.
The renovations on Philips Arena will begin next summer and should be completed by the start of the 2018-19 season.
The Hawks are owned by Anthony Ressler, who co-founded private equity firms Apollo Global Management and Ares Management. – Staff Writers