A deal estimated to cost taxpayers at least $120 million to revamp Nashville’s Fairgrounds Speedway will have to wait for a new Nashville mayor.
The proposal was officially withdrawn from the council’s Tuesday night meeting and will not have enough time to pass before current Mayor John Cooper’s term ends. It would have needed to have three readings before being approved as Nashville’s Thursday mayoral election and a potential runoff that follows.
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The owner of fellow Nashville Fairgrounds tenant Nashville SC spoke out in a letter to Nashville’s Metro Council against a deal to rebuild the Nashville Fairgrounds Speedway with a 30,000-seat grandstand.
The speedway deal, expected to cost taxpayers $120 million and first be discussed by the council in July, would include $86 million in Nashville Sports Authority bonds and $34 million combined from Tennessee and Nashville’s Convention and Visitors Corporation. The Nashville CVC funds come from a Davidson County hotel tax surplus.
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Nashville’s Fair Board narrowly approved a deal that will now head to the Metro Nashville Council to rebuild the Fairgrounds Speedway for a price that has not been finalized.
The deal, approved by a 3-2 vote from the Fair Board, authorized the issuance of up to $100 million in revenue bonds for the project, in addition to $17 million from the state of Tennessee and $17 million from the Nashville Convention and Visitors’ bureau reserve fund, which comes from Davidson County hotel and motel tax collections.
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The Nashville Mayor’s Office is asking the Fair Board to approve a deal with Bristol Speedway to rebuild the Nashville Fairgrounds Speedway without a final price tag.
Metro Legal and Bristol Speedway officials met with the Fair Board for a work session on the deal and the board was told that a request for quote would be put out on construction of the updated 30,000-seat grandstand, track and surrounding structures which would then be reviewed by a committee including one Fair Board member.
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