Nashville Mayor John Cooper and the Tennessee Titans filed the final financial documents to move forward with the construction of the new $2.1 billion stadium on February 24, 2023, Nashville Business Journal reports.
The final agreement will be presented to the Metro Council for its first vote of approval on March 7.
According to the mayor’s office, $840 million for the new stadium and any construction overruns will come from the Titans, NFL, and PSL sales. $500 million will come from the one-time state contribution. The remaining $760 million will come from revenue bonds issued by the Metro Sports AuthorityThe Mayor office
Metro Councilmember Bob Mendes recently released a 10-page memo on why he rejects the stadium deal, stating that he believes “the financial terms are not good enough and that the financing plan will force the area more toward tourism than being a neighborhood.”
According to the Nashville Business Journal, these additions were made to the proposed final agreement:
- Titans agreed to cover project infrastructure, including street and plaza infrastructure, that is required to open the new stadium
- The stadium deal provides excess revenue generated by stadium funding sources used to repay Sports Authority generated by stadium funding sources used to repay Sports Authority bonds can be used to fund more “debt service reserves or to prepay portions of the bonds early, reducing interest costs paid and potentially saving millions of dollars,” according to the release.
- The final agreement places a $42 million cap on Metro’s responsibility in keeping Nissan Stadium functional until the new stadium is complete without limits. Metro will now reimburse the team up to $42 million through sources including cash on hand at the Sports Authority and sales taxes generated by PSL sales.
- The Nashville Needs Impact Fund was created out of an amendment filed to serve Nashville and Davidson County’s public education, transit, gender equity in sports and affordable housing. The Titans will contribute $1 million a year, scaling at 3% each year, totaling $47 million over the next 30 years.
A Titans spokesperson says they hope a final vote on the agreement will occur in late April.