This week, Nashville mayor John Cooper and the Tennessee Titans made a big announcement. The Tennessee Titans and Mayor Cooper entered into a $2.2 billion deal to build a brand new domed stadium for the football team.
But in a surprising turn, Cooper stated that the deal will not cost the Nashville residents any out-of-pocket money.
Why a New Stadium?
With the news coming forth, many are asking why a new stadium is necessary. Well, the mayor and the Titans have a legal agreement that the team will be playing in a first-class stadium until the year 2039.
It’s clear that the current stadium, Nissan Stadium, is in need of an upgrade. But a report from Venue Solutions Group showed that replacing the stadium altogether has more economic benefit.
This report raises some questions among experts. It releases in its entirety on November 1st.
Who Is Paying For It?
Surprisingly, Mayor Cooper has stated that this project won’t cost Nashville taxpayers any extra money.
“This new stadium proposal protects Metro taxpayers by not spending a single dollar that could be spent elsewhere on our core priorities like education and public safety,” the mayor said in a statement. “So we are proposing a new stadium paid for by the team, the state, tourists and spending around the stadium — not by your family.”
The Titans already put up $500 million to start the project. A 1% hotel tax in Davidson county and money collected from the current stadium will generate the rest of the revenue needed.
The $2.2 billion estimate includes the costs of demolition of the old stadium.
Is the Deal Final?
The mayor and the Tennessee Titans are ready to move forward with the deal. But it cannot be finalized until the Metro Council approves it. Council members still have some questions about the deal, so time will tell if it gets the green light.
If the Council approves the new Tennessee Titans stadium, it will move further east, closer to the interstate. The projected area is currently parking for the current Nissan Stadium.