NASHVILLE, Tenn. (WSMV) – Key members of the Tennessee Titans group are hoping for no hang-ups over an settlement to construct a brand new stadium, needing the approval of the Nashville Sports activities Authority and Metro Council.
The Sports activities Authority met with Tennessee Titans CEO Burke Nihill and Deputy Mayor Sam Wilcox on Thursday, listening to a breakdown of the time period sheet agreed upon by Mayor John Cooper and the workforce.
The board is predicted to vote on the time period sheet in early December.
The time period sheet outlines the phrases and situations of the financing, building, operation and upkeep of the proposed $2.1 billion stadium in addition to the demolition of Nissan Stadium.
The time period sheet says $840 million of the associated fee will probably be paid by the Titans, the NFL and thru private seat licenses (PSL). One other $500 million will come from a one-time contribution from the state and $760 million will come from Sports activities Authority bonds which will probably be repaid by vacationers, by way of a brand new resort/motel tax, and customers of the stadium.
“I believe the board is completely conscious of the duty it has to get this proper,” Monica Fawknotson, Government Director of the Sports activities Authority, mentioned. “I believe that’s one factor everybody agrees on is that you simply’ve bought to have the ability to restrict the legal responsibility of the taxpayers.”
The time period sheet comes after Cooper and the Titans agreed in October to construct a brand new stadium.
It’s lengthy been the opinion of Nihill that constructing a brand new stadium as an alternative of renovating Nissan Stadium wouldn’t burden taxpayers.
“(Nissan Stadium) is an getting older constructing and in its period, this was an important constructing, and in its period was an industry-standard lease,” Nihill mentioned. “As we sit right here within the 2020s, it carries a significant quantity of threat.”
If Metro Council and the Sports activities Authority approve of the time period sheet on a preliminary foundation, members will then vote on definitive paperwork within the first quarter of 2023, Wilcox mentioned.
Click on to learn a abstract of the time period sheet.
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