NASHVILLE (Tenn.) — TheA step closer has been made to finance a new enclosed stadium, estimated to cost between $1.9 million and $2.2 million.
Late Thursday night, the Tennessee Legislature approved bonds totaling $500 million for a stadium enclosed. The governor now has to approve the proposal. The proposal now goes to Gov.
“It was a big step, and it is very grateful to governor and the Legislature for their support. We are very grateful for their collaboration,” Titans CEO Burke Nihill said to The Associated Press Friday. “But there is still a lot to do.”
The estimated cost of the stadium is approximately two-thirds covered by the $500 million in state bonds, $700 million from the Titans owners and the remaining $250 million from the Titans' owners. Talks between Nashville and the Titans officials continue for months about the rest of the financing.
The ownership and maintenance of this new stadium are still unknown.
At the moment, Nashville leases the Nissan Stadium to Titans. The stadium was built in 1999 as part of the deal that attracted the Houston Oilers to Tennessee in 1997. A plan for renovations failed after costs increased to $1.2 million. Nashville taxpayers are required to pay maintenance and upgrades under the current lease.
Nihill indicated that they are meeting with Nashville officials regularly to discuss these “complexities.”
To eventually eliminate Nashville's obligation to pay maintenance and upgrades at Bridgestone Arena. Instead, money from ticket taxes and sales will be used.
All state legislators are not on the same page about the merits Tennessee supporting the Titans.
Let them invest their money with their own money. On the House floor, Republican Jerry Sexton screamed “They shouldn't be using Tennessee taxpayers” He said that he did not want the Legislature to behave like “all the woke spots.”
Nihil said that Amy Adams Strunk, controlling owner and Adams family, has already paid for the team's expansion. The deal is being closed now as a massive investment. With a farm that was sold, the family has worked for months to make money for the stadium project.
Nihil said, “They will continue that because they're willing to make as large an investment in a new building as possible and in Nashville.”
TheThey are the most recent to be granted assistance by county and city officials in order to build a new stadium. The Bills will move into a $1.4billion stadium that was built right across from the existing facility. It was built in 1973, and is the fourth-oldest NFL facility. The county and New York have committed $850 million to Terry and Kim Pegula as owners. The NFL will pay the remainder.
Both the Bills, and the Titans, are planning to open their new stadiums by the 2026 season.
After their move into new homes, Nashville or Buffalo could host the Super Bowl.
After the opening of new stadiums, the NFL awarded Super Bowls to Minnesota and Atlanta as well as Los Angeles and Las Vegas.
Nihill stated that Nashville would unquestionably bid for the Super Bowl. It's also our expectation that Nashville would make a compelling bid if there was a stadium with roof.
The Titans' new stadium will be built on the lot between Nissan Stadium and Interstate 24. Officials from the team hope to have renderings of the designs and plans by the fall. This will help determine whether the stadium will have a fixed or retractable roof, as well as the final number of seats.