The Truist Park and Battery Atlanta have hit a home run with their financial performance, shattering expectations for the second year in a row. According to a report presented to the Cobb County Board of Commissioners, property taxes from the complex surged to nearly $2.6 million in 2023, towering over the county's general fund obligation by more than $800,000.
Outpacing the forecasts from 2015, the Battery Atlanta complex not only smashed its own records but also eased the county taxpayers' burden significantly. The Braves Development Company's head honcho, Mike Plant, revealed to the commissioners that the complex welcomed a whopping 10.3 million visitors last year. Staggering growth, with first achieved only a year ago, was also reported in property values that rocketed to $767 million in 2023 from a meager $5 million prior to the development's inception. Having been detailed in the annual update, the majority of these visitors came from outside of Cobb County, signaling a robust draw from a broader demographic.
Chief Financial Officer Bill Volckmann, speaking to the fiscal landscape, announced a drastic reduction in the general fund's contribution. Initially projected at $6.4 million annually, it plummeted to a mere $1.75 million, which is just a fraction of the county's Adopted 2024 General Fund Budget. This decrease is accredited to a rebound in revenue streams like hotel/motel tax and a special $3 per-night hotel room fee, which, as stated by Volckmann, are now bouncing back above pre-pandemic levels.
The jam packed report further elucidated that for the second consecutive year, Battery Atlanta's revenue not only surpasses the bond debt service costs but also foots the bill for the CobbLinc Circulator in the Cumberland area. Not included in these figures, according to Volckmann, is the "halo effect" of surrounding development presumably magnified by the Battery Atlanta complex's success. More insight can be gathered from the Braves report available to the public.
