Tennessee Titans Reach Deal With Nashville Mayor For New Stadium

Tennessee Titans Reach Deal With Nashville Mayor For New Stadium

The 1.7 million square foot building will have a dome, creating the possibility of the city of Nashville hosting a Super Bowl in the future

NASHVILLE — The Tennessee Titans have reached an agreement with Nashville Mayor John Cooper to build a new stadium.

“When my father brought this team to Tennessee 25 years ago, I don’t think he could have imagined a better home for our organization,” said Titans majority owner Amy Adams Strunk. “The way the people of Tennessee have accepted this team as theirs is something truly special, and I’m excited that this new deal will cement our future in Nashville for another generation.”

RELATED

The 1.7-million-square-foot facility will be domed, creating the potential for it to host a Super Bowl and other major events throughout the year. It will be located east of Nissan Stadium, next to the East Bank.

It is mentioned that the project would cost up to 2,200 million dollars, and must be approved by the Metropolitan Council.

The Titans’ owners have reportedly agreed to put up $800 million to help pay for the stadium. The property will also have an investment of 500 million dollars by the state.

It is mentioned that the new stadium project would cost up to 2,200 million dollars, and must be approved by the Nashville Metropolitan Council. AP Photo

“This new stadium proposal protects the taxpayers of the metro area by not spending a single dollar that should be spent elsewhere on our top priorities, like education and public safety,” said Mayor Cooper.

Funds for the new stadium would come from four main sources. The Titans, the NFL and personal seating license (PSL) sales combine to represent the largest source for the new real estate. General obligation bonds are not part of the proposal, and zero dollars are required from the metropolitan area’s annual operating budget.

Additionally, the team agrees to waive $32 million owed by the city in bills for work performed in the construction and maintenance of Nissan Stadium over the past four years. As part of an overall project budget, the team also agrees to pay the $30 million in bonds still owed on Nissan Stadium. This represents $62 million in financial relief as part of the settlement.

The Titans have agreed to hold the property for the life of the lease, and then the city would own the stadium at the end of the lease, creating a multimillion-dollar asset for the city.

The deal is the result of needed renovations to Nissan Stadium after 23 years of wear and tear. A provision in the current lease requires that the condition of the stadium be kept on a par with other sports venues built at the same time.

That project was going to cost an estimated $1.8 billion over the next 17 years. Cooper described it as “financially irresponsible” to renovate Nissan Stadium instead of building a new stadium, which officials say would attract more tourists throughout the year. But the Nashville Metro Council has been reluctant to approve more spending for tourism projects. The new stadium would represent the largest construction in metropolitan history.

READ MORE WAB NEWS

YOU MAY ALSO LIKE

Leave a Reply

Your email address will not be published. Required fields are marked *

− 2 = 1