Nashville Mayor’s Office Seeks Approval Of $2.1B Titans Stadium Project

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The Center Square [By Jon Styf] –

Metro Nashville hopes to have its deal with the Tennessee Titans for a new $2.1 billion stadium approved by March with the funding in place and revenue bonds issued for $760 million from its sports authority by the middle of 2023.

Then, that stadium – if approved – would be ready to open in 2026 or 2027.

The Metro Nashville team behind the negotiations, including outside stadium negotiation advising firm Inner Circle Sports, presented the terms of the negotiated deal to Nashville’s East Bank Stadium Committee on Wednesday.

The presentation included city Finance Director Kelly Flannery saying that the term sheet could be up for a vote by the city’s council as soon as Dec. 6.

The meeting got into the details of the funding sources and agreement to build the new stadium, including the sales tax, hotel tax and stadium ticket taxes that will go toward funding the revenue bonds and ongoing maintenance and improvements at the stadium.

There were not firm estimates on how large that tax fund is expected to get but Deputy Mayor Sam Wilcox said that it was fair to state that the Capital Repairs Fund portion of what would be funding by the taxes is expected to reach “hundreds of millions of dollars.”

Flannery told the committee that, while the term sheet is non-binding, she feels the committee and council should not approve the term sheet if it knows it won’t approve the final deal because the Titans are set to begin the expensive planning process for the stadium based upon the approval.

Committee Chairman Bob Mendes and members, however, did not agree with Flannery and said the term sheet should be taken on face value as non-binding.

One element of the tax fund that will go toward stadium construction and maintenance is a 50% diversion on sales tax on a 130-acre yet-to-be-determined development around the stadium. That tax zone was created in 2021 through state law, going into effect on July 1 of last year.

Metro Law Deputy Director Tom Cross, however, said at the meeting that the city could not develop that land under its current lease with the Titans. Under the new lease, Metro Nashville would retain ownership of the land and work with a developer to build there, creating a spot where Metro Nashville will receive lease payments as well as the sale tax, with 50% going to the stadium fund and the other 50% going to Metro Nashville.

Metro’s team did state that the tax fund will lean heavily on the in-stadium tax, 1 percentage point additional hotel tax and a $3 fee on all tickets at the stadium.

The committee also set 11 more meetings before Dec. 14 with five public comment meetings and then a final committee discussion meeting on Dec. 14.

The community benefits plan for the deal will be presented on Wednesday, a stadium lease cost report from Venue Solutions Group will be presented on Nov. 7, stadium design plans and an East Bank planning update will happen on Nov. 9.

Then Butch Spyridon, CEO of the Nashville Convention & Visitors Corp., will present his view on the economic impact of the project on Nov. 16 along with an unnamed Tennessee Titans-selected person before sports economist J.C. Bradbury of Kennesaw State University in Georgia will discuss the economic impact of sports stadiums at a Nov. 17 meeting.

About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.