The Hawks and the City of Atlanta announced Monday that they have reach an agreement on terms for renovations of Philips Arena. The Atlanta Journal-Constitution reported earlier this year that the sides were working on an agreement and it came to fruition.
Here are the key parts of the deal:
* There will be a $192.5 million renovation. The city will proved $142.5 and the Hawks will provide the remainder of $50 million.
* The Hawks committed to an 18-year lease extension to remain in downtown Atlanta through 2046 in the city-owned facility.
* Key to the renovations will be the removal of the bank of suites on one side of the arena.
* The renovations will begin during the summer of 2017 and will be completed by the start of 2018-2019 season, coinciding with the Hawks’ 50th anniversary in Atlanta.
* The Hawks will play next season at Philips.
* There will be 360-degree connected concourses at all levels, improved sight lines and state-of-the-art video throughout the building.