New details show Metro's infrastructure bill for new TPAC facility
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Metro is responsible for $35.7 million in East Bank infrastructure costs related to the proposed new Tennessee Performing Arts Center building, according to Mayor Freddie O'Connell's office.
Why it matters: That's a higher price tag than estimates provided by the mayor's office to the Metro Council last year.
- Dividing the infrastructure costs for the new $600 million arts center has been at the center of negotiations between O'Connell's team and TPAC for months.
Catch up quick: In 2024, council approved a memorandum of understanding with TPAC spelling out the plan for a new fine arts center. In explaining the MOU, the mayor's office provided the council with a chart showing how the infrastructure bill would be divided between the city, the Fallon Company (the East Bank developer) and TPAC.
- Metro's East Bank infrastructure obligation at the time ranged from $3 million in present-day value to a total of $6.85 million, once soft costs, contingencies and escalation were factored in.
- TPAC was on the hook for between $30 million in present-day value and $67.4 million in total costs, according to last year's presentation.
- Under the new agreement announced last week, TPAC will pay a total of $24.6 million in infrastructure costs. Gov. Bill Lee and the legislature earmarked $500 million for the project, with TPAC responsible for fundraising $100 million.
Zoom in: Some of Metro's costs are related to work on the Seigenthaler Pedestrian Bridge, next to the proposed site of the TPAC building.
- Metro is responsible for its renovation as well as funding and constructing nearby road work, including sidewalks and bike lanes; relocation of a gas line; and ensuring TPAC has access to water and electrical utilities, O'Connell spokesperson Julie Smith says.
- During construction, the city will ensure "continuous, but modified, access to the bridge via a new access point even during East Bank construction," Smith says.
What he's saying: O'Connell touted the agreement in a press release for bringing "a significant cultural institution" to the East Bank.
- "This agreement ensures Metro and TPAC will partner on related infrastructure costs and advances a key piece of the East Bank redevelopment," he said.
What's next: Metro Council, which must sign off on the plan, will begin considering the lease agreement this week.
- Metro Councilmember Jacob Kupin, who represents the area, will hold a community meeting to discuss the lease deal at the current TPAC building at 2pm on Thursday.
- The East Bank Development Authority board will also hear a presentation about the agreement at its meeting on Tuesday.