Reed told reporters Friday that Mount Vernon Baptist Church lowered its asking price from $20.4 million to $15.5 million.
The Atlanta Journal-Constitution reports the mayor stepped into talks after negotiations between the church and the Georgia World Congress Center Authority ended in recent weeks over a $14 million impasse.
The church had earlier rejected an offer of $6.2 million.
Last week, the mayor announced a preliminary $19.5 million deal to buy the property of another church needed to build the new stadium.
The newspaper says the Mount Vernon congregation must still approve the lower price, which was negotiated between Reed and Pastor Rodney Turner.
BROWNS: Rookie linebacker Barkevious Mingo remained hospitalized Friday, a day after suffering a bruised lung in the first half of an exhibition game against Detroit.
Browns coach Rob Chudzinski said the team doesn’t know how Mingo sustained the injury.
PATRIOTS 25, BUCCANEERS 21
In Foxborough, Mass., Tom Brady put to rest worries about his knee.
Two days after spraining his left knee, the New England star completed his first 11 passes before missing his last one and threw his first touchdown pass to new top wide receiver Danny Amendola. Brady played the first two series, then rested as the Patriots got the win over Tampa Bay.
SAINTS 28, RAIDERS 20
In New Orleans, Drew Brees passed for 202 yards and a touchdown while leading five scoring drives, and the Saints survived a sloppy second half for a win.
BILLS 20, VIKINGS 16
In Orchard Park, N.Y., Rookie quarterback EJ Manuel then provided the knockout punch to start the second half in leading Buffalo to a preseason win.
Bills defensive end Mario Williams did not play.
He complained of soreness after practice Wednesday and joined receivers TJ Graham (groin) and Stevie Johnson (left hamstring) on the sideline.
49ERS 15, CHIEFS 13
In Kansas City, Mo., Chiefs quarterback Alex Smith struggled against his former team, and backup San Francisco quarterback B.J. Daniels threw a late touchdown pass to give the 49ers a victory.