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NASHVILLE, Tenn. — The Tennessee Titans have an settlement in place with Nashville mayor John Cooper to construct a brand new stadium in line with a report by Axios.
The 1.7 million-square-foot stadium may have a dome, making it potential to host a Tremendous Bowl and different main occasions year-round. It is going to be situated east of Nissan Stadium alongside the East Financial institution.
The undertaking is alleged to price as much as $2.2 billion and should be authorized by Metro Council.
Titans possession has reportedly agreed to place forth $800 million to assist fund the undertaking. The brand new stadium can even be funded by a $500 million funding by the State of Tennessee.
Different funding features a 1% tax on native resort room leases in Davidson County together with gross sales taxes collected inside the new stadium.
The deal is a results of Nissan Stadium needing renovation after 23 years of wear and tear and tear. A provision within the present lease requires the stadium’s situation to be saved on par with different sports activities venues constructed across the similar time.
The undertaking was going to price roughly $1.8 billion over the following 17 years. Cooper referred to as it “financially irresponsible” to renovate Nissan Stadium as a substitute of constructing a brand new facility, which supporters say would appeal to extra vacationers year-round. However the Nashville Metro Council has reportedly been reluctant to approve extra massive spending for tourism initiatives. The brand new stadium would symbolize the most important constructing undertaking in Metro historical past.
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