Braves Stadium and Battery Atlanta complex continue to surpass projections
The annual fiscal report shows revenue from the complex again exceeds county taxpayer’s contributions
Marietta, GA—For the second consecutive year, the Battery Atlanta complex's property taxes exceeded the county’s general fund payment into the debt fund. This milestone, first achieved last year, comes years before 2015 projections.
The financial picture of the complex came during the annual Braves Stadium / Battery Atlanta update to the Cobb County Board of Commissioners (BOC). The President and CEO of the Braves Development Company, Mike Plant, outlined the complex’s growth, which included a record 10.3 million visitors to the Battery in 2023, the majority from outside Cobb County.
Plant also said that even though the Battery complex is almost built out, several new projects are scheduled to open this year and next, and they anticipate more fans coming to Truist Park this season.
“I appreciate all the support from the board,” Plant said. “There are more good things to come, and hopefully, we’ll be planning a parade with you this November.”
Chief Financial Officer Bill Volckmann detailed the fiscal outlook, fueled by the meteoric rise of property values, from $5 million in 2014 before the Braves' development to $767 million in 2023.
Volckmann told the board, “The amount of property tax paid by the Braves and Battery Atlanta complex more than exceeded the amount of general fund property taxes contributed to the debt service.”
The general fund’s contribution to the stadium’s debt service fund fell to $1.75 million, well below the original projections of $6.4 million annually. This amounts to 0.3% of the county’s Adopted 2024 General Fund Budget. This decrease was fueled by a significant rebound of other revenue sources, including the hotel/motel tax, taxes paid by the special service district, and a $3 per-night hotel room fee, now well above pre-pandemic levels.
In the meantime, the property taxes generated from the Battery Atlanta complex rose to nearly $2.6 million last year, more than $800,000 above the county’s general fund obligation.
The figures include only properties in the Atlanta Braves Battery Atlanta complex and do not consider the “halo effect” of development around the complex.
CFO Volckmann also told the BOC that Battery Atlanta's revenue exceeds bond debt service costs for the second straight year and now also covers the cost of providing the CobbLinc Circulator in the Cumberland area.
"I know whenever I try to park at the complex on the weekend, I allot a lot of time because so many people want to be there," Chairwoman Lisa Cupid said. "It's great to see the property doing so well."
"This is a great trend," said Commissioner JoAnn Birrell. "I know it's taken a few years, but it's great to see the debt service go away."
"I appreciate the partnership," said Commissioner Jerica Richardson. "I am so excited for what the future holds and to see the future investments in this area."
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Annual Truist Park and Battery Atlanta report shows development hit a major milestone in 2022
Battery Atlanta generates more property tax income than resident’s share for the first time
May 9, 2023 - The Battery Atlanta complex hosted more than ten million visitors last year, an economic engine that generated record tax revenue for the county. Cobb’s Board of Commissioners was told Tuesday that, for the first time, the Battery Atlanta complex was a net positive for Cobb taxpayers, generating more property tax revenue than the portion required by taxpayers for this year’s debt service.
The details came during the annual Braves and Truist Park report given each year to the Board by Finance Director Bill Volckmann.
“This is a milestone moment for us in Cobb County,” Volckmann told the board. “We netted 400 thousand dollars above and beyond the requirements for the debt service for the first time since this investment began.”
Volckmann’s figures showed the initial estimate of $6.4 million per year in debt service from the general fund was reduced to $2.1 million last year because other funding sources increased dramatically. At the same time, the Battery Atlanta complex paid the county $2.5 million in property taxes.
“This is proof that the risk and the faith and the confidence you had in us nine years ago is providing a lot of impact in the county and community in a variety of ways,” said Mike Plant, President and Chief Executive Officer of the Braves Development Company.
“I think we’ve had 200 teams from all over the world come to (tour) the Battery and Truist Park. We think we have the secret sauce, and they believe that too,” Plant said during the meeting. “If you don’t have that public/private partnership working together, you will fail. Fortunately, that’s the model of success because of our relationship and working together to achieve these results.”
The numbers show remarkable growth fueled by record interest in the Atlanta Braves and a development that remains a popular destination outside of the baseball season. Taxable property values at The Battery Atlanta have risen from $5 million in 2014 to $736 million in 2022. The stadium and development pumped $38 million in tax revenue to the county, state, and school district last year, with $9.4 million going to the Cobb Board of Education.
“We see a lot of value that is coming to the county and residents in the community from the development,” Chairwoman Lisa Cupid said after the presentation. “We certainly know of the energy that site has generated and the ancillary development around the site because people want to be near that development. So it is very good to receive this positive report.”
“What you are seeing is the evidence of intentional work and collaboration,” District 2 Commissioner Jerica Richardson said. “I think that collaboration is critical to keep these numbers trending this way.”
“I think this goes a long way to show the vision that Chairman Lee had back then (in 2015) with Mike and the Braves,” said District 3 Commissioner JoAnn Birrell. “I think to seal this deal, we need the Braves to win another championship!”
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June 14, 2022 - Cobb’s Chief Financial Officer gave the county’s annual update on the financing for Truist Park and the Battery during the Board of Commissioners meeting on Tuesday, June 14th. This update was postponed from a meeting earlier in the year due to scheduling conflicts.
CFO Bill Volckmann told the board despite the pandemic, the county’s general fund contribution to the financing remains well below levels established five years ago. The general fund obligation to stadium financing - the part of the budget financed by property taxes - is below 1 percent of the budget, standing at 0.77 percent. With preliminary figures coming in from the post-pandemic months, that obligation is predicted to decline even further in coming years, but Volckmann says predictions will remain on the conservative side. The CFO says outside reports exaggerate the impact on individual taxpayers, most of the increase in revenue comes from commercial property owners inside special service districts created for stadium financing.
You can watch the presentation in the accompanying video.
Some of the charts are difficult to see in the video, you can download the presentation here:
Atlanta Braves Development President Mike Plant also updated the commissioners on the status of Battery Atlanta, the development that accompanies Truist Park. Plant says the Battery lost only one tenant during the pandemic and has several scheduled to move in, which will fill up the complex. Another office tower is planned for the area, in addition to the TK Tower complex that opened last year.
The Braves also released a new economic study on the development that predicts an overall benefit to the county and refutes other studies that show an inflated impact on Cobb County taxpayers. This report was distributed to the commissioners, and you can download a copy here:
