After divulging his intentions to help the Tennessee Titans with a potential new stadium project last week, Gov. Bill Lee will reportedly ask the state legislature on Tuesday to approve $500 million in bonds as part of his amended budget to be earmarked for construction of a new Titans stadium.
Nate Rau of Axios Nashville first reported the news.
The funding approval is contingent upon the stadium being enclosed with either a fixed roof, such as Allegiant Stadium in Las Vegas, or a retractable roof, such as Mercedes-Benz Stadium in Atlanta, to increase the city’s chances of hosting a future Super Bowl. In addition, the state funding will be tied to Metro agreeing to participate in the effort.
Only five NFL cities have stadiums with a fixed roof — Las Vegas, New Orleans, Detroit, Los Angeles and Minnesota. Five others offer facilities with retractable roofs — Dallas, Indianapolis, Atlanta, Houston and Arizona — while the remaining 20 cities are home to open-air stadiums.
In addition to increased viability as a Super Bowl host, an enclosed stadium is reported to be more desirable destination for other major sporting events such as the NCAA Tournament Final Four, the college football playoffs and/or national championship game, and the FIFA World Cup.
A closed roof would also up the stadium’s profile as an entertainment venue. Currently, Nissan Stadium hosts events such as CMA Fest and Monster Jam. Plus it serves as a destination stop for top-tier touring artists like Garth Brooks, The Rolling Stones and Kenny Chesney.
Titans President Burke Nihill stated at a Metro Sports Authority meeting earlier this month that the organization has an “aggressive” plan in place to have a potential new stadium finished by 2026. The project’s timeline includes an 18-month design phase and a 30- to 31-month construction phase.
Nihill admitted building a new stadium is not only the team’s preference, but it would be more cost effective after it was discovered initial estimates of a $600 million renovation to Nissan Stadium would actually cost closer to $1.2 billion due to rising inflation costs.
The rumored new stadium would have approximately 60,000 seats, be built with steel and not concrete, be more in line with the NFL’s current standards, and would range anywhere from $1.5 billion to $2 billion.
Nissan Stadium’s current owner, Metro Nashville, could issue revenue bonds to fund its portion of the stadium costs.
The Titans new stadium would serve as the centerpiece of the proposed mixed-use development along the Cumberland River, a 150-acre area spanning from Jefferson Street on the north to Shelby Bottoms on the south.
The project would include riverfront parks, green space, affordable housing units, offices, retail stores and restaurants, in addition to transit options, and would create thousands of estimated new jobs and generate millions of dollars in tax revenue.
Some community groups are currently advocating for additional promises from the franchise and the city related to housing and gentrification that could result from new development.
This story first ran via our sister publication, the Nashville Post.
