Nashville enclosed stadium

[78haworth]

Metro Nashville voted to approve the new enclosed stadium deal with the Titans.  Would love to see if BOA could bring a regional or super regional.

[es203]

$$$$

[dbalash]

With $1.26B in public funding.  OOF.  $760M of G O bonds paying at probably 5% for 30 years will mean taxpayers will be on the hook for $875M on the bonds, and when those are paid off, the Titans owners will start hollering for another new stadium. Not to mention the $500M they already received, so they're on the hook for $575M there, for a grand total of roughly $1.45B.


Same thing with the Raiders, who got $750M in bonds for 30 years.  SoFi, on the other hand was fully privately funded.

[78haworth]

Under the deal, the Titans will be responsible for $840 million of stadium funding and any cost overruns, $500 million will come from a contribution from the State of Tennessee and the remaining $760 million of the $2.1 billion budget will paid by revenue bonds issued by the Metro Sports Authority. Those revenue bonds will be be repaid through a one-percent increase in Davidson County’s hotel occupancy tax and in-stadium sales tax.

Mayor John Cooper said the deal is a “huge win for Nashville taxpayers.”
“We’ve eliminated a billion-dollar liability created by an aging stadium lease and created a platform for the city to thrive for decades. This was always about more than football. This vote unlocks the East Bank Vision for Nashville’s next generation,” said Mayor Cooper. “It enables a true smart growth plan for the decades ahead. It will expand our transit network, create affordable housing, build parks and civic space, activate the waterfront, and drive resilience and sustainability.”

[jeremiah]

Apr 26, 2023 11:50:34 GMT -6 78haworth said:

Under the deal, the Titans will be responsible for $840 million of stadium funding and any cost overruns, $500 million will come from a contribution from the State of Tennessee and the remaining $760 million of the $2.1 billion budget will paid by revenue bonds issued by the Metro Sports Authority. Those revenue bonds will be be repaid through a one-percent increase in Davidson County’s hotel occupancy tax and in-stadium sales tax.

Mayor John Cooper said the deal is a “huge win for Nashville taxpayers.”
“We’ve eliminated a billion-dollar liability created by an aging stadium lease and created a platform for the city to thrive for decades. This was always about more than football. This vote unlocks the East Bank Vision for Nashville’s next generation,” said Mayor Cooper. “It enables a true smart growth plan for the decades ahead. It will expand our transit network, create affordable housing, build parks and civic space, activate the waterfront, and drive resilience and sustainability.”

yeah, basically everything in that cooper quote is a lie.

i hate it that my civic activism and band worlds are colliding.

[jeremiah]

Apr 26, 2023 9:00:17 GMT -6 dbalash said:

With $1.26B in public funding.  OOF.  $760M of G O bonds paying at probably 5% for 30 years will mean taxpayers will be on the hook for $875M on the bonds, and when those are paid off, the Titans owners will start hollering for another new stadium. Not to mention the $500M they already received, so they're on the hook for $575M there, for a grand total of roughly $1.45B.


Same thing with the Raiders, who got $750M in bonds for 30 years.  SoFi, on the other hand was fully privately funded.

Oh but it's worse, we're also giving the Titans 50% of all sales tax in the 130-acre area surrounding the stadium for them to use for maintenance and capital improvements. And this is Tennessee, we have a 10% sales tax rate.

All in, the conservative estimate is $3.1 billion in taxpayer funds over the 30-year life of the lease.

[marimba11]

For cities and sports teams, the stadiums never seem good enough. They always want new new new... makes sense based on the fans and what they're willing to pay. However, construction is very expensive now (I see it every day in my line of work) and honestly the older stadiums do just fine for how few games some of these teams really only play. 

Yeah, the GA dome was old but was it really THAT bad that now we don't even get a show there? They have the falcons and MLS soccer so more revenue than perhaps other cities but still.