Nashville mayor, Tennessee Titans to make announcement on $2.2 billion stadium deal
The Tennessee Titans and Nashville Mayor John Cooper will announce an update on negotiations for a new $2.2 billion stadium Monday afternoon.
A potential deal to raze Nissan Stadium and relocate a new, enclosed venue closer to Interstate 24 has been in the works since February, when the city and team paused planned upgrades to the existing 23-year-old stadium due to cost concerns.
Financing details have been sparse. State lawmakers dedicated $500 million in bonds to the construction of a new, enclosed stadium, and private contributions are estimated to total at least $700 million.
Metro's contribution to the project would come in the form of revenue bonds from the stadium and a surrounding 130-acre area, in addition to a 1% countywide hotel occupancy tax.
Any plan will require approval from Nashville's 40-member Metro Council.
MORE:Metro officials offer insight on stadium funding sources, city negotiation goals
NFL NEWSLETTER: Sign up for exclusive content sent to your inbox
Cooper has touted the proposed deal as the superior option to renovating the existing Nissan Stadium, which the Titans estimate will cost around $1.8 billion. Metro is obligated to provide a "first-class" stadium for the Titans and cover maintenance costs under the current lease through 2039.
An ongoing study commissioned by Metro Council to estimate the cost of Metro's current obligations is not yet complete.
Monday's meeting will feature comments from Cooper and Titans President and CEO Burke Nihill and will be livestreamed via Cooper's Facebook page at 2 p.m. CT.
This article originally appeared on Nashville Tennessean: Tennessee Titans, Nashville mayor to make announcement on stadium deal
