ATLANTA — After contention about whether the new "home of the Braves" was costing Cobb County more than it's worth, officials said it's finally becoming a moneymaker.
Cobb County Chief Financial Officer Bill Volckmann presented the annual report on the finances of Truist Park and The Battery revealing the complex made more than $38 million in combined tax revenue -- the most it has since it was constructed, according to the county.
“This is a milestone moment for us in Cobb County,” Volckmann told the board Tuesday. “We netted 400 thousand dollars above and beyond the requirements for the debt service for the first time since this investment began.”
According to a Cobb County news release, 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. At the same time, The Battery paid the county $2.5 million in property taxes.
Last year's report shows revenue surpassing just over $34 million, showing the complex making more money than originally anticipated. The 2022 fiscal year solidified the trend, even though the Atlanta Braves were not World Series Champions -- a factor that likely contributed to the complex's revenue in the past.
"Truist Park is now net positive for Cobb County taxpayers," a news release from the Atlanta Braves reads.
Around 10 million visitors stopped by The Battery and Truist Park last year, spending an average of three-and-a-half hours at the complex. Venues in the area hosted nearly 500 events, including 84 concerts at the Coca-Cola Roxy and 83 Braves games.
During the presentation, Volckmann also said the complex is also attracting new business which could contribute to revenue and foot traffic. This year, The Battery is expected to welcome Cultivate Food & Coffee, Polestar and a new virtual reality concept. A new public pedestrian bridge may also be in the works, according to the annual report.
“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 CEO of the Braves Development Company.
To view the full presentation, click here.