The Tennessee Conservative [By Jason Vaughn] –
Nashville Mayor John Cooper filed legislation with the Metro Council last week, seeking their approval on his final agreement with the Tennessee Titans for the construction of a $2.1 billion dome stadium.
The new stadium, if approved, would replace the existing Nissan Stadium. The proposal is for a domed stadium that would seat around 60,000 people.
According to proponents of the new stadium, this would allow the city to host larger events such as the Super Bowl, college football playoffs, and other major entertainment events. It would be located next to the existing stadium, which would be demolished once the new one is opened.
Back in December, Metro Council members voted 27 to 8 to approve a preliminary term sheet that allowed them to move forward with finding a contractor, even though several members expressed their disapproval of the agreement.
If the final deal is approved, it would be the largest amount of public funding ever spent on an NFL stadium. $1.26 billion of the $2.1 billion expense would come from state and local taxpayer money, along with a one-time payment of $500 million from the state. Private sourcing would cover another $840 million, and NFL grants and licenses would bring in another $200 million.
Local funding for the project will come partially from a new 1% increase to Metro Nashville’s hotel occupancy tax. Council members approved the increase to help raise funds for the stadium. If the deal is finalized, the increase will go into effect.
According to the Mayor, the agreement with the Titans will keep them in Nashville long-term and will also help the city to begin development of the East Bank. They plan to create a neighborhood that would house a park, affordable homes, businesses, and more. Cooper also claims that the new deal will alleviate taxpayers of the costly burden of renovating Nissan Stadium.
“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 said.
The proposal includes a clause stating that the Titans will cover expenses required to maintain Nissan Stadium until the new stadium is completed and opened. However, it states that Metro will reimburse the team for a portion of that cost.
Additionally, the Titans will make annual contributions to the Nashville Need Impact Fund to be used by non-profits in Nashville and Davidson County in an effort to provide “public education, public transit, gender equity in sports, and affordable housing.”
If approved, construction could begin as early as next month.
About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career. Most recently, he served as Deputy Director for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others. He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History. Contact Jason at news@TennesseeConservativeNews.com
2 Responses
Tax payers bend over and open your Wallet!!
No choice really? Crazy, my Chiefs still play in the same stadium, outdoors, since 1972.