A final budget proposal for how the new Tennessee Titans football stadium will be funded has been reportedly submitted to the Nashville Metro Council by Nashville Mayor John Cooper and the football team.
The legislation will be subject to three readings, beginning at the council’s next meeting on March 7th. April 4th is the earliest possible date for the agreement to be finalized.
Metro Council approved funding sources during its meeting on December 21st. Funding for the $2.1 billion stadium is broken down as follows:
- At least $840 million for the stadium and construction cost overruns to come from the Titans, NFL, and personal seat license (PSL) sales
- $500 million to come from a one-time contribution from The State of Tennessee
- $760 million to come from revenue bonds issued by the Metro Sports Authority to be repaid by revenue generated by hotel visitors and new stadium guests through hotel occupancy tax and ticket tax collections
In a news release, Cooper said the stadium deal eliminates an “enormous liability hanging over the city.”
“I’m proud of this deal because it eliminates the enormous liability hanging over the city and returns valuable land back to Metro so we can build new affordable housing, beautiful parks, and greenways, a powerful transit hub that reconnects neighborhoods and so much more,” Cooper reportedly released in a statement. “This is a win for Nashville, and I’m grateful to our partners at the state and the entire team who have worked tirelessly for over a year to get it done.”
About the new stadium legislation- it isn't online yet. It'll be posted by next Wed. at the latest. I'm seeing if it can be posted before then.
The legislation is 200+ pages of technical legal documents. I won't have comments until I review it fully.
1st of 3 readings is 3/7.
— Bob Mendes (@mendesbob) February 24, 2023
Metro Council Member and East Bank Stadium Committee Chair Bob Mendes – who criticized the stadium deal in a 10-page analysis earlier this month – acknowledged the new filing for the stadium, noting that the legislation is “200+ pages of technical legal documents,” and will comment upon further review.
The Titans’ new proposed stadium would be enclosed, encompassing 1.7 million square feet with a capacity of approximately 60,000. The lease term would run for a minimum of 30 years, “cementing the Titans’ future in Nashville for another generation,” according to the mayor’s office.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “John Cooper” by John Cooper. Background Photo “Titans Stadium” by Hector Alejandro. CC BY 2.0.
