The Titans have moved a step closer to getting a new domed stadium.
Some of the new parts of the deal Mayor John Cooper brokered with the team were discussed in Tuesday night’s Metro council meeting.
The Mayor’s Office says the deal includes:
1) Titans agreed to pay for all the infrastructure required to open the new stadium.
2) Excess revenue generated by the stadium can now be used to prepay portions of bonds early.
3) Metro is now capped at $42 million for maintenance of the current stadium.
4) The Titans will give the city money every year to share with non-profits.
On Tuesday night, Metro council approved the stadium deal on first reading, but put off the critical second reading vote until next month.
Fox 17 News spoke with several council members about the latest developments of the $2.2 billion deal.
Metro council’s Courtney Johnston says that money for the Nashville Needs Impact Fund is a win-win.
“Anytime you have a private entity that is contributing dollars to any type of a Metro fund right where we have the ability to invest into our community is going to be a good thing,” Johnston emphasized.
Over the course of the lease, the mayor's office says that money for non-profits would amount to at least $47 million, but Metro council's Freddie O’Connell says that is not nearly enough.
“It feels like a drop in the bucket kind of thing when we’re about to spend more than $40 million a year on this stadium. We’re putting $4 billion of taxpayer money towards a new stadium that will host ten home games,” O’Connell said.
The mayor's office says this new deal caps the city's exposure to maintain the old stadium at $42 million and everything beyond that is covered by the Titans.
“Even just maintaining that stadium in its current condition even for a few years, it adds a few million just to keep it safe and functional at the most basic level,” Brett Withers emphasized.
Metro council’s Brett Withers says getting that off the city's plate is a big plus.
The second reading on the new stadium deal and the non-profit contributions have been moved to April 4th and council will use the time to hammer out all the details.