Tennessee Titans hope pricey stadium opens by 2027
Nashville, Tennessee –
The Tennessee Titans have the final funding piece for the NFL’s next expensive stadium with the largest public investment to date that it hopes will open for the 2027 season. .
The Metro Nashville City Council approved early Wednesday morning by a vote of 26 to 12 to allow sports officials to issue $760 million in bonds. This is combined with his $500 million treasury bond for his $1.2 billion public fund committed to the Titans’ enclosed stadium.
That made Tennessee the largest public offering price for a stadium, surpassing New York’s $850 million commitment to Buffalo’s new $1.5 billion stadium.
The stadium’s total cost is estimated at $2.1 billion. The Titans will provide the rest of his $840 million with backing from the NFL and individual seat licenses. As the Titans begin a new chapter, managing director Amy Adams Strunk thanked everyone involved.
“For over 25 years, Nashville, Tennessee has been home to the Titans and we are grateful to know that with the approval of our new stadium deal, the Titans will be part of this great city and state for decades to come. ” Strunk said in a statement.
Council meetings began Tuesday night, with taxpayers debating every two hours to vote for or against a proposal to use Nashville’s bail powers to pay for a second stadium for a privately-owned NFL team. Did. The council took about six hours to reach its final vote.
The new stadium features a translucent roof that can accommodate around 60,000 people.
The stadium will allow Nashville and the Titans to bid for the Super Bowl, Final Four, college football playoff games, and more. Burke Nihill, president and CEO of Titans, said he was thrilled to host the world’s greatest event.
“This is a cross-generational opportunity to address our city’s priorities and ensure its health and vitality for the next 30 years,” said Nihill. “Our city and state have a bright future ahead of us, and we are humbled by the opportunity to remain a part of it.”
The deal will shift an estimated $1.8 billion in future maintenance and stadium investment costs through 2039 from Nashville taxpayers to NFL franchises.
In the deal, the Titans agreed to waive $32 million they owed Nashville for money spent maintaining Nissan Stadium over the past four years. We plan to pay off the remaining $30 million in debt owed.
A new 1% hotel/motel tax, all sales tax within the stadium, and 50% of the sales tax from the 130 acres surrounding the stadium will pay off the bond. The Titans and city officials he announced in December a deal that includes a new 30-year lease. The team also agreed not to leave Nashville for the duration of the lease.
Nashville hired an independent consulting firm to confirm the Titans’ estimate that the city would pay to maintain the stadium under a lease signed in 1996. Venue Solutions Group agreed that renovations to the current stadium would cost him $1.75 billion to $1.95 billion over the remaining years. About lease.
The Titans are clearing funds for their portion of the stadium, with team officials hoping to break ground by mid-2024 and open for the 2027 season. We’ve already paid for the expansion of the team’s headquarters, effectively doubling the size of the building it opened.
Nissan Stadium originally opened in 1999 as the Adelphia Coliseum. The deal cost franchise founder Bud Adams, who died in 2013, his $292 million to move the Oilers from Houston to Tennessee in 1997.
The Titans originally planned to renovate its stadium until research doubled the original estimated cost of $600 million to $1.2 billion.
The new stadium will be built in the parking lot between the current stadium and Interstate 24. The deal will return control of 66 acres of land to Nashville, including the current location of Nissan Stadium. City officials are planning renovations with parks, greenways, affordable housing and new roads.
Nashville has already hosted the 2019 NFL Draft, drawing nearly 600,000 people over three days.