Nashville’s Metro Council plans to continue to keep close tabs on East Bank public spending with a new ad hoc East Bank Committee.
The group will build on work done last council term by Metro Nashville’s East Bank Stadium Committee, then led by at-large Council Member Bob Mendes, who is now part of Mayor Freddie O’Connell’s development team.
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The deal to build a new $2.1 billion Tennessee Titans stadium took another step toward happening early Wednesday morning when the deal was approved on second reading by a 25-11 vote during a Metro Nashville Council meeting that lasted into the morning.
A third and final reading is expected after a four-hour public hearing on the bill and the Nashville Needs Impact Fund starting at 6:30 p.m. on Tuesday.
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At least $3.1 billion is expected to be collected in a tax capture fund over a 30-year lease related to a new $2.2 billion Tennessee Titans stadium, according to updated estimates from the Nashville mayor’s office.
That number does not include $500 million the state of Tennessee will bond for the project, an additional tax on tickets expected to collect $470 million that was added to the deal through a Metro Nashville Council amendment last week or the $840 million funds the Tennessee Titans will spend on the construction project, including a $200 million National Football League loan and what the team makes on selling new personal seat licenses.
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Construction costs have been divided up clearly to fund up to $2.2 billion of construction expenses on a new Tennessee Titans stadium in Nashville, expected to open in 2027.
Tennessee has committed $500 million in funds it will bond, Nashville’s Metropolitan Sports Authority will take out $760 million in revenue bonds backed by Metro Nashville’s general fund set to be paid off with state and local tax captures and the Titans have committed at least $840 million including an estimated $200 million from a National Football League G-4 loan and $270 million from new personal seat license sales at the stadium.
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The chair of Nashville’s East Bank Stadium Committee believes that the Metro Council does not have enough information from the mayor’s office to properly analyze and vote on a non-binding term sheet at the council’s Dec. 20 meeting.
In a series of posts on the topic, at-large Council Member Bob Mendes has pointed out that, while the mayor’s office has provided a breakdown of tax projections that are expected to send $2.9 billion in public tax funds toward the stadium over the next 34 years – not including $500 million from the state of Tennessee – it has not provided a projected breakdown of how those funds will be spent.
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NASHVILLE, Tennessee – Most speakers at the East Bank Stadium Committee public comment meeting held at the Bellevue Regional Community Center Wednesday evening expressed their opposition to the proposed deal for a new Tennessee Titans stadium.
The public comment meeting in Bellevue was the fourth in a series of five scheduled across the county by the East Bank Stadium Committee (EBSC) to hear feedback and comments directly from the community about the proposed $2.1 billion stadium.
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NASHVILLE, Tennessee – The East Bank Stadium Committee (EBSC) held its first of five public comment sessions Monday night at the East Nashville Magnet High School.
The EBSC was formed in June by Vice Mayor Jim Shulman to lead the efforts related to any potential legislation and to serve as a central place to gather information for the Council and the public, but will not be taking any votes.
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At the end of the November 7 meeting of the East Bank Stadium Committee, a representative for the Tennessee Titans came forward and agreed to make public a plan to renovate Nissan Stadium developed on behalf of the team that Mayor John Cooper’s office has claimed is “proprietary.”
After questioning by several of the committee members, James Weaver, partner at Waller, Lansden, Dortch & Davis LP and representing the Titans said they would be happy to share the plan with council.
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NASHVILLE, Tennessee – At the Wednesday meeting of Metro Council’s specially formed East Bank Stadium Committee, members heard from the Tennessee Titans promoting their recently introduced community benefits platform and an advocacy group that recommended formal agreements for the communities that are to be served.
The Titans announced their ONE Community benefits platform just days after the joint announcement with Mayor John Cooper that the parties reached an agreement for a new football stadium.
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Metro Council Member Courtney Johnston (District 26) says that the recent request by the mayor’s office that the city’s legislative body approve the stadium term sheet between Metro Nashville and the Tennessee Titans is a matter of “the cart before the horse.”
Johnston initially made the point during the October 26 meeting of the East Bank Stadium Committee, at which time the mayor’s representative Finance Director Kelly Flannery asked for approval of the resolution attaching the term sheet, a 1 percent increase in the hotel occupancy tax (HOT) and advancing a request for proposal to search of a developer for the Stadium Campus, and reinforced it several times relative to more than one point during a telephone interview with The Tennessee Star on Saturday.
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Nashville’s East Bank Stadium Committee met Wednesday evening in the Council Chambers at City Hall to take its first critical look at the Tennessee Titans stadium proposal announced last week by Nashville Mayor John Cooper and the team.
The meeting was held a day after the team shared renderings of its new potential stadium, created by the same architectural firm that worked on Las Vegas’s Allegiant Stadium.
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Metro Nashville’s East Bank Stadium Committee heard an overview of its obligations for stadium repairs, including the legal department’s definition of the key “first-class condition” term at its most recent meeting.
The terminology is key as the committee evaluates the city’s options related to the current Nissan Stadium and the Titans’ proposal for a new $2.2 billion stadium, which could include as much as $1.5 billion in public funding.
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