Development on Nashville’s East Bank is moving forward as the area prepares for a new $2.1 billion Tennessee Titans stadium, set to open in 2027, and development in the area surrounding it.
Both the House and Senate will soon discuss companion bills to create an East Bank Development Authority board after Nashville’s Metro Council approved a deal to have Fallon Co. develop the initial 30 acres of Nashville-owned land in the development area.
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Metro Nashville Chief Development Officer Bob Mendes addressed the proposed “East Bank Development Authority” that would oversee the East Bank development project at a Friday press conference. Mendes also detailed some restrictions he said are intended to create a “neighborhood” in a 30-acre area of the East Bank.
Mendes said he was hopeful that the Tennessee General Assembly would pass the necessary legislation to create an East Bank Development Authority, which he added would also need to be approved by the Nashville Metro Council.
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A bill intending to cap increases on the cost of personal seat licenses at the new Nissan Stadium in Nashville would now put a 20% cap on those price increases for 10-year seat license holders at the Tennessee Titans’ current stadium.
The bill initially was written to block any increase in those prices but Rep. Larry Miller, D-Memphis, said he was planning to amend the bill to be more reasonable to the Titans.
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A newly-formed committee has been tasked with helping book and raise private funds to support major events for the recently-approved Tennessee Titans stadium, according to the Nashville Convention & Visitors Corp (NCVC).
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A new poll of Davidson County voters shows that they opposes the deal to give the Tennessee Titans $1.26 billion toward a new $2.1 billion stadium and oppose giving a potential Major League Baseball team public subsidies for a stadium.
The poll, paid for by the Tennesseans for Student Success, interviewed 500 Davidson County voters May 2-4 on a variety of topics.
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Nashville Metro Council Member Bob Mendes announced that he has proposed a resolution that would divert money designated for the new Tennessee Titans stadium to the Tennessee Department of Children’s Services (DCS).
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A central point of the push for a new $2.1 billion domed Tennessee Titans stadium has been the ability to host year-round events at the new facility.
Tax fund projections released Tuesday by Metro Nashville, in fact, indicated that the city is projecting to have the equivalent of 10 sold-out Titans games and 21 other sold-out events at the planned 60,000-seat facility. That’s based on a $3 ticket tax that is estimated to bring in $3.78 million annually for non-Titans events and $1.8 million for Titans games with 600,000 Titans tickets sold and $1.26 million for other events.
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A sales tax fund set to pay for Nashville revenue bonds on a proposed new $2.1 billion Tennessee Titans stadium is expected to collect $2.9 billion through 2056, according to projections from Metro Nashville.
The total does not include $500 million that the state of Tennessee has committed to the project and will bond separately.
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Metro Nashville is expected to ask for $700 million in revenue bonds that will go toward a new estimated $2.2 billion Tennessee Titans stadium, according to a report from The Tennessean.
Those bonds, as shown in Mayor John Cooper’s Capital Improvements Budget, as an expense that will be paid for “by user-generated sales tax, tourism-oriented sources such as the Hotel Occupancy Tax and related funds.”
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