NASHVILLE, Tenn. (WTVF) — On Tuesday, Metro Council will sit through another round of readings when it comes to the Tennessee Titans stadium.
The stadium process started back in 2022, when Titans ownership said they had the desire to scrap the old stadium or build a new one.
According to the proposal, the new stadium could be ready as early as the 2026 NFL season and would be able to host additional events including CMA Fest and concerts, similar to the existing stadium. It would also potentially be able to host a number of major sporting events like the Super Bowl or NCAA Playoff Games.
How does the funding work?
This is the largest public spending project on a NFL stadium in history.
It will total $2.1 billion, and it would encompass 1.7 million square feet with a capacity of approximately 60,000.
This would also include 12,000 square feet of dedicated community space that would be used year-round for educational opportunities, nonprofit events and other community-minded purposes.
Of the funding measures, here's how it breaks down:
- $500 million in bonds from the state
- $840 million from the Titans, NFL and personal seat license sales
- $760 million will come from revenue bonds, which are funded by Metro debt service and repaid through an increase to the city's hotel tax and sales tax generated from the stadium and surrounding area.
In this agreement, the Titans will waive outstanding bills to the tune of $32 million that is owed by the city for the construction and maintenance of the existing Nissan Stadium made over recent years. Additionally, the team will pay off the remaining $30 million in bonds owed on the existing stadium.
The revenue stream means there can't be a referendum like there was in 1996 for the original stadium. NewsChannel 5 analyst Pat Nolan said the 1996 stadium came from general obligation bonds, not revenue bonds.
What's being considered at council on Tuesday?
A bill on second reading that would authorize the development of a new, enclosed stadium and the Sports Authority's issuance of revenue bonds to help fund it, as well as outline a 50% sales tax capture area. This requires a simple majority vote to pass on second reading.
A separate resolution that is creating the Nashville Needs Impact Fund that would serve nonprofit entities in Davidson County. The Titans would contribute $1 million to it in the first year of the lease and increase the team's contribution by 3% each year after for an end-of-lease total of at least $47 million. This final vote will likely happen at a special-called meeting on April 25.
What has happened during past votes?
In December, Metro Council members previously approved preliminary terms for the stadium deal by a vote of 27-8 with three abstentions.
The council also passed a key bill allowing the city to begin collecting an increased hotel tax — but only if and when final deal terms for the stadium deal are reached and approved. The bill authorizing a 1% hotel tax increase passed 27-5 with three abstentions.
Metro Sports Authority approved the stadium deal on April 4.
