Scoop: Mayor Cooper, Titans reach stadium deal
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Nashville Mayor John Cooper has struck a deal with the Tennessee Titans to build a new domed stadium.
- An announcement, including details on the financing plan, will come as soon as Monday following months of negotiations, multiple sources tell Axios.
Why it matters: The new stadium would tether the Titans to Nashville and position the city to host the Super Bowl, College Football Playoff games and major concert tours during the winter months. None of those tourism draws are possible at Nissan Stadium.
What we know: The stadium will cost up to $2.2 billion, according to the capital improvement budget the city approved earlier this year.
- If approved by Metro Council, the new stadium will be located east of Nissan Stadium, near I-24, and serve as the anchor of the recently approved East Bank redevelopment plan.
- It is expected the Titans will bring about $800 million in private revenue sources to the deal.
- Government funding sources are already known: $500 million in bonds from the state, a 1% tax on all hotel room rentals in Davidson County, sales taxes collected within the new facility and sales taxes collected in the surrounding 130-acre campus.
Yes, but: Cooper and the Titans must brace for a rugged battle in Metro Council, which is leery of more big spending for tourism.
- Cooper hasn't had a legislative test of this magnitude during his tenure.
- It represents the largest building project in Metro history.
Flashback: Nissan Stadium opened just 23 years ago and was promised to last several decades longer. The original financing plan was approved by voters, which won't be required for the new stadium project.
What's next: Legislation related to the term sheet will be in front of Metro Council in the coming weeks.
- The council is also waiting on a consultant's report, which will examine the financial liability of the existing Nissan Stadium lease.
- A study funded by the team earlier this year said the current lease would cost the city $1.8 billion in the next 17 years, but council members wanted an independent consultant to verify that estimate.