A new stadium is in the works.
The National Football League’s final stop on public money for a stadium tour is in Nashville where Tennessee Governor Bill Lee is seeking streams of public money to build a new Tennessee Titans stadium. Titans ownership has gone from renovating a 23-year-old stadium to why renovate when we could be building a brand new football facility with all sorts of revenue generation opportunities. It appears the 23-year-old stadium is just a base facility and according to Titans president Burke Nihill, “it’s one of the lowest 20% of buildings in the NFL built before 9/11. Safety upgrades passed by the NFL were not added in. Initially, Nashville’s political leaders appeared to back the idea of spending $600 million to fix the aging stadium, but that plan seemed to turn into a dime and a dime. new stadium plan suddenly appeared. The figure of 600 million dollars was too low and the real cost of carrying out the work was closer to 1.2 billion dollars. With a figure that high, why not spend hundreds millions of extra dollars for a brand new facility that might come with a roof.
The stadium will be a self-contained Titans structure with no Titans-related village filled with retail businesses and housing surrounding it. There appears to be a mixed-use development plan on land close to the current stadium. This would include waterfront parks, green spaces, housing, offices, retail stores and restaurants. Politicians believe that Nashville townspeople and visitors who use the city’s hotel and motel rooms should pay for part of the stadium. Nashville’s hotel and motel tax is 6% and there is a political solution that would allow local authorities to raise the tax up to 7%. A 1% increase could generate $10 million a year. Politicians are looking for other sources of revenue to build the stadium in Nashville.