Falcons' stadium gets public funds

The Atlanta Falcons' plan for a $1 billion retractable-roof stadium in downtown Atlanta passed its final significant hurdle Thursday.

It was reported that the city's economic development arm approved issuing more than $200 million in bonds covered by city hotel-motel taxes by an 8-1 vote. The team intends to have the stadium completed by 2017.

Atlanta Mayor Kasim Reed said that the deal will keep the Falcons in Atlanta for the next 30 years.

"We're building a best-in-class facility that will help us attract new events and retain the Falcons," he said, adding: "They were going somewhere ... Whether that was the suburbs or another city, they weren't staying (at the Georgia Dome)."

In a statement, the Falcons said the remaining construction costs will come from the team and other private funds.