Sports Authority, Metro Council to consider new Titans’ stadium
NASHVILLE, Tenn. (WSMV) - Key members of the Tennessee Titans organization are hoping for no hang-ups over an agreement to build a new stadium, needing the approval of the Nashville Sports Authority and Metro Council.
The Sports Authority met with Tennessee Titans CEO Burke Nihill and Deputy Mayor Sam Wilcox on Thursday, hearing a breakdown of the term sheet agreed upon by Mayor John Cooper and the team.
The board is expected to vote on the term sheet in early December.
The term sheet outlines the terms and conditions of the financing, construction, operation and maintenance of the proposed $2.1 billion stadium as well as the demolition of Nissan Stadium.
The term sheet says $840 million of the cost will be paid by the Titans, the NFL and through personal seat licenses (PSL). Another $500 million will come from a one-time contribution from the state and $760 million will come from Sports Authority bonds which will be repaid by tourists, through a new hotel/motel tax, and users of the stadium.
“I think the board is absolutely aware of the responsibility it has to get this right,” Monica Fawknotson, Executive Director of the Sports Authority, said. “I think that’s one thing everyone agrees on is that you’ve got to be able to limit the liability of the taxpayers.”
The term sheet comes after Cooper and the Titans agreed in October to build a new stadium.
It’s long been the opinion of Nihill that building a new stadium instead of renovating Nissan Stadium wouldn’t burden taxpayers.
“(Nissan Stadium) is an aging building and in its era, this was a great building, and in its era was an industry-standard lease,” Nihill said. “As we sit here in the 2020s, it carries a meaningful amount of risk.”
If Metro Council and the Sports Authority approve of the term sheet on a preliminary basis, members will then vote on definitive documents in the first quarter of 2023, Wilcox said.
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