The Atlanta Hawks have announced an agreement that will enable the team to remain in the city for many more years.
The agreement centers on an almost $200m renovation of the Phillips Arena.
Although the agreement still needs to go through the approvals of the City Council and the Atlanta-Fulton County Recreation Authority, the deal should go through to provide the renovations needed to support the team and the variety of other events that take place at the Arena throughout the year. The renovations are scheduled to begin in the summer of 2017, with expected completion to align with the 2018-2019 Basketball Season.
The Atlanta Hawks will be able to purchase a large stock of promotional Drinkware and other Promotional Products in the years to come, as it is unlikely the team will moving to another city any time soon. The Hawks have signed an agreement that would cause them to have to pay a large fee should they leave the city prior to the end of their agreement in 2046.
No new taxes will be levied onto residents, as the costs for the renovations are covered through various income sources like funds contributed by the city and bonds from rental car taxes at the Atlanta Airport. The Hawks will also contribute to the cost of renovations, with upkeep and repairs being covered by the faculty charge imposed on ticket purchasers.
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