At a news conference Monday, Reed said the actual cost of building the stadium has not increased from $948 million, The Atlanta Journal-Constitution reported. But he said streets and sidewalks will have to be upgraded, making the total price $1.2 billion.
Reed said the city would be willing to contribute part of the cost.
The Falcons and the Georgia World Congress Center Authority are still negotiating the proposed stadium, which would replace the Georgia Dome. GWCCA officials say $300 million of the cost would come from the public via the sale of bonds backed by revenues from the state's hotel tax.