Cooper, Titans won't unveil stadium deal Wednesday
Mayor John Cooper and the Titans will not have a financing plan for a new stadium to present to a critical Metro Council committee Wednesday, a mayor's office source tells Axios.
- The two sides are "optimistic" they will have an agreement soon after months of talks.
State of play: The council's East Bank and Stadium committee invited Cooper and the Titans to deliver an update at their meeting last month.
- That presentation was delayed in hopes a term sheet would be signed and details could be unveiled at Wednesday's meeting.
What's happening: Instead, three Cooper aides — deputy mayor Sam Wilcox, finance director Kelly Flannery and deputy legal director Tom Cross — will discuss four topics: the mayor's priorities for a stadium deal, the city's debt management strategy, specific stadium financing considerations and the council approval process.
- No timeline for a deal is expected to be given and the Titans will not be presenting, the source says.
- The committee is chaired by Councilmember Bob Mendes, who has emerged as the project's chief skeptic.
Context: The Titans are expected to bring more than $700 million in private financing to the table to help pay for the $2.2 billion project.
- Three tax revenue streams have also been earmarked: $500 million in state bonds, a 1% tax on each Davidson County hotel room rental and sales tax generated in and around the new stadium.
What we're watching: The biggest questions are how to pay for the surrounding infrastructure, what will happen to the hotel and sales tax revenue left over after the debt obligations are met and who will pay for construction overruns.
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