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.
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.
The resolution to approve the term sheet, which gives an overview of the terms and conditions of the agreements and transactions for the financing, construction and operation of a new domed stadium adjacent to the existing Nissan Stadium which will then be demolished, was deferred for two meetings. Both the Budget and Finance Committee and the Public Facilities, Arts and Culture Committees had previously voted to defer for two meetings.
The much-anticipated report from VSG (Venue Solutions Group), which claims to substantiate the estimated $2.1 billion in projected costs to renovate Nissan Stadium was released Tuesday.
The previous estimates for an upgrade to the stadium to the “first-class condition” required in the 1996 stadium lease agreement at costs ranging between $1.75 to $1.95 billion is what is driving the argument for a new stadium.
While the Tennessee Titans and Nashville Mayor John Cooper are talking about renovating Nissan Stadium and extending the team’s lease, a price tag for taxpayers has not been disclosed.
The franchise and the city announced their discussions last week, The Tennessee Star reported. The negotiations have been going on for some time, but the team said it was making the process public, citing a story by The Tennessean. Something should be known in about six months.