NASHVILLE, Tenn. (WTVF) — The Tennessee Titans released a rendering to the public of what a proposed new stadium would look like along with a price tag to make that happen.
An enclosed stadium would cost between $1.9 to $2.2 billion at 1.7 million square feet. Construction would take 31 months, with the hope of completion for the 2026 NFL season.
The Titans said an enclosed stadium would create 15 additional ticket events per year, with $225 million in direct spending compared to the current stadium. With a new stadium, the organization hoped the investment would translate to major events, such as the NCAA Football Playoff, the NCAA Final Four and the NFL Combine.
Since the team's move to Nashville in 1998, the Titans calculated games have provided $124 million in sales tax revenue. The 7% inside the stadium sales tax currently breaks down to the Metro Sports Authority, Metro's general fund and Metro's education budget.
As part of building the new stadium, the Titans plan to create retail, office and residential buildings, building to the tune of $4 billion in construction costs. The organization said it would build out the campus throughout the next decade.
Lawmakers and Nashville city leaders have argued abouthow who would pay for the next stadium.
Per the state's calculations, it will take $710 million over 20 years to create the financing. Gov. Bill Lee has already proposed $500 million bondcontribution for the stadium build. However, state lawmakers haven't yet approved the bonds.
Top Senators have argued — while they love the Titans — the money should go elsewhere and not let the Titans take advantage of the state's AAA bond rating.
Other lawmakers — including those representing Nashville — have promoted the idea, saying a hotel/motel tax increase would allow fans and visitors to offset the costs of building a new stadium.
The complete funding mechanism for the new stadium hasn't been finalized.