Inside how former Nashville convention hall funds will be spent on the East Bank
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Metro's top finance official detailed Tuesday how the city plans to spend $300 million in funds previously earmarked for Music City Center on East Bank projects.
Why it matters: Metro Finance director Jenneen Reed says the old convention hall funds will free up city dollars to spend on other capital projects, including schools, fire halls and sidewalks.
Catch up quick: Tourism-related funds for Music City Center have come in way higher than expected, creating a surplus of hundreds of millions of dollars.
- The new state law sets aside the city's existing tourism taxes to expand the convention hall while also redirecting $300 million toward the city's ambitious overhaul of the East Bank.
By the numbers: Reed provided the Metro Council East Bank committee with an estimated price range for five projects that will be funded with the convention hall money.
- Metro will allocate up to $75 million to bring James Robertson Parkway down to grade so it is level with the new East Bank street grid.
- The city will commit between up to $80 million for an east-west road connecting Cowan Street and Marine Drive.
- Metro's portion of an extension of the Seigenthaler Pedestrian Bridge will cost between $40 million and $50 million, Reed said.
The city is also earmarking up to $150 million for utility work and new parks, she said. The funds would mostly be spent for 2030, she added.
What she's saying: Reed told council the funding plan allows the city to expand Music City Center, fund the East Bank work and increase its bonding capacity to spend tax dollars on other projects.
- Earlier this year, she told Axios affordable housing is one possible investment the city could pursue more aggressively after the convention hall debt obligation is off Metro's books.
- Metro Council must sign off on the funding plan.
State of play: The new Titans stadium, the new Tennessee Performing Arts Center headquarters, the Fallon Company's surrounding mixed-use development and an Oracle corporate campus are among the major developments in the pipeline on the East Bank.