Mayor John Cooper and the Tennessee Titans are hosting a press conference Monday afternoon “to provide an update on ongoing discussions around a potential new stadium deal.”
Axios reports that the city and the team have reached a financing deal for a new domed stadium.
Negotiations regarding the future facility — which could host major events like the Super Bowl and the NCAA Final Four — have been ongoing for months, with the cost expected to come in at more than $2 billion. The city has also been working on a plan for completely overhauling the surrounding East Bank neighborhood.
The state has already approved $500 million in bonds for the potential new stadium and given the city authority to levy a 1 percent additional hotel room tax to pay for construction. Sales taxes generated in the 130 acres located around the stadium would also go toward funding the project.
Metro Council approval for the funding and other aspects of the project could grow contentious, as some members have spent months questioning the need for a new stadium and its potential cost and funding sources. The council has a new special committee devoted to scrutinizing funding both the project and the East Bank redevelopment. The committee has sought its own independent analysis of repairs needed at Nissan Stadium.
Cooper and Titans CEO Burke Nihill will address the media at 2 p.m. at the mayor’s office.
This article originally appeared in our sister publication, the Nashville Post.
