Plans for the new $2.1 billion stadium passed on the first of three votes on March 8.
Despite the progress, the outcome is far from assured.
With 10 council members voting against the plan, the second vote has been delayed until April 4, to give council members extra time to review the plan. The final vote is scheduled for April 18.
A group protesting the new stadium gathered outside the courthouse prior to the vote. They want to make sure the city is prioritizing needs like affordable housing, adequately funded public schools, better transit, and jobs that pay a living wage ($20 per hour) that don’t require a degree or specialized training.
In December, Metro Council voted by a two-thirds margin to approve the framework where football-related funding sources including the Titans, the NFL, and personal seat license (PSL) sales will combine to represent the largest source of funding for the new stadium. At least $840 million for the new stadium and any construction cost overruns will come from the Titans, NFL, and PSL sales. Five hundred million dollars will come from a one-time state contribution. The remaining $760 million will come from revenue bonds issued by the Metro Sports Authority to be repaid by revenue generated primarily by hotel visitors and users of the new stadium. Both revenue sources designated by state statute for the Sports Authority bonds can only be used to fund stadium related construction and maintenance, and in the case of the hotel tax contingent upon the building of a new, enclosed stadium.
According to Titans officials, there have been over 34 public meetings regarding the new stadium, with 10 more scheduled before the second vote.
