A final budget proposal for how the new Tennessee Titans football stadium will be funded has been submitted to the Nashville Metro Council by Nashville Mayor John Cooper and the football team.
The legislation will be subject to three readings, beginning at the council’s next meeting on March 7th. April 4th is the earliest possible date for the agreement to be finalized.
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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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Metro Nashville Council on Tuesday increased the city’s hotel occupancy tax. The increased funds from the tax hike are required by state law to be used solely for the construction and future capital improvements and the associated debt service of a new enclosed stadium with seating for at least 50,000.
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There is not a manual that states the NFL standards for stadiums, even though the language of “first class” is carried forward from the current stadium lease agreement and incorporated in the term sheet between Metro Nashville, the Sports Authority, the Tennessee Titans and the to-be-formed StadiumCo for the new stadium.
Burke Nihill, President and CEO of the Tennessee Titans (pictured above) shared the insight with the Nashville Metropolitan Sports Authority, at a special-called meeting held on Thursday, November 10 at Nissan Stadium, the team’s current home.
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When Nashville Mayor John Cooper and the Tennessee Titans announced on October 17 that they had reached an agreement to build a new stadium, a 27-page term sheet was released that outlines the principal terms and conditions for the financing, development, construction, operation, use and occupancy of the multi-purpose, enclosed stadium.
The term sheet, however, is subject to the negotiation, preparation, execution and delivery of seven “Definitive Agreements” by the four parties – Metro Nashville government (Metro), the Nashville Sports Authority (the Authority), the Tennessee Titans (the Club) and a to-be-formed entity under common control of the Titans referred to as StadiumCo.
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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.
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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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