NASHVILLE MAYOR AND TITANS REACH DEAL FOR NEW $2.1 BILLION STADIUM
NASHVILLE, Tenn. (WZTV) — After months of negotiation, Nashville Mayor John Cooper and the Tennessee Titans have reached a deal for a new domed stadium on the East Bank.
The $2.1 billion enclosed stadium would be built on land which currently serves as parking lots east of Nissan Stadium and could be ready by the 2026 NFL season.
Roughly $840 million in funding for the new structure would come directly from the Titans, who have also agreed to cover any construction cost overruns. $500 million will come from the state, and $740 million would come from revenue bonds issued by the Metro Sports Authority. Additionally, tourists and visitors will be taxed 1% on local hotel rooms.
While Mayor Cooper says his plan protects Nashville taxpayers, it does put some pressure on the tourism industry to keep Nashville in business.
On Monday, Titans CEO and Mayor Cooper announced that it’s all paid for by the team, the state, and tourists.
With the proposal, hotel guests would help Nashville foot the bill.
Maggie LaMere: “Hotel rooms are most expensive sometimes just as expensive in Nashville compared to places like NY. How will we continue to be affordable to tourists with a new hotel tax?”
Mayor Cooper’s Response: “Of course, we are concerned about affordability in Nashville, but our hospitality industry is decisively supporting this 1% tax going from 6 to 7% tax. Mayor Cooper goes on to say, “I think their view is that it isn’t really making that much difference.”
Titans leaders earlier this year estimated it would cost around $1.8 billion to fix and renovate Nissan Stadium.
This deal would void the city’s current lease agreement with Nissan Stadium. The new lease would run for a minimum of 30 years. Once the new lease expires, Metro would take ownership of the stadium.
The new stadium is set to be a 1.7 million square foot building.
An enclosed facility with a capacity of 60,000 people.
Titans president and CEO Burke Nihill called the proposal a “game changer” for the community.
“Nashville’s new stadium will be a game changer for the community, enhancing the national and international reputation of our great city and state and delivering world-class events to our doorstep that we could never have dreamed of 25 years ago,” Nihill said.
The proposal would also allow the city to regain control of over 66 acres of land, including the existing Nissan Stadium site. The mayor’s office says land—which would have remained surface parking with the current Nissan Stadium lease—can be turned into greenspace, affordable housing, or other developments.
Tennessee State University will have the opportunity to call the new stadium home for up to four football games with zero rent. TSU players will also have a locker room dedicated entirely to them.
As for what this would look like, the mayor’s office has not released any sketches.
It’s important to note this proposal still needs to be approved by Metro Council. Reporter Maggie LaMere will have the latest updates on FOX 17 News at 5:30, 9, and 10.
