NFL Team owners have voted to approve $200 million in NFL G-4 stadium financing that will help the Atlanta Falcons construct a brand new multi-purpose stadium.

Falcons Owner and Chairman Arthur Blank will put up most of the funding for the project, which could run upwards of $1 billion.

Blank hopes the Falcons will be in the new stadium by 2017.

Blank had this to say in a statement:

Today’s approval by the NFL team owners is an important milestone in moving the new stadium project forward. The consideration of G-4 financing for new stadiums requires thoughtful analysis on the part of the NFL Finance and Stadium Committees, including compliance requirements that protect the best interests of all owners and the league.

The NFL has supported new stadium construction through various means for decades. Our club owners understand that investments such as G-4 financing are important to the long-term strength of the league, and we thank them for their support.

We are pleased with the outcome of today’s vote, and we look forward to continued progress in designing and constructing the new multi-purpose stadium over the next four years. We, along with our City of Atlanta and State of Georgia partners, are excited to participate in a project that will benefit the city and state for many years to come.

Upon completion of the new stadium, the Georgia Dome will be torn down.