The Tennessee Titans have cleared another hurdle for a new $2.1 billion stadium.
Metro council members approved legislation for the domed stadium on Tuesday in the first of three votes, despite 10 council members voting against the proposal. The second and final votes are scheduled for April 4 and 18.
Adjustments to the final proposal include:
- The Titans are now responsible for additional infrastructure included in the project scope.
- Excess revenue generated from the venue can be used to prepay parts of bonds.
- Metro is capped at $42 million for maintenance to Nissan Stadium.
- The Titans will give the city money every year through the Nashville Needs Impact Fund, to be shared with nonprofits.
Mayor John Cooper said the proposed agreement would “relieve the existing enormous unfunded financial burden on the city, return 60 acres of land back to city control, and keep the Titans in Nashville for the long term.”
A Titans spokesperson said that there have been 34 public meetings regarding the plan since July, and at least 10 more will be held ahead of the second council vote.
It was previously reported that funding would include around $1.26 billion in revenue bonds, $840 million from the NFL and the Titans, $500 million in state money, and hotel tax revenue. Any cost overruns would be paid by the league and team.