NASHVILLE – A new domed stadium for the Tennessee Titans is a little closer to reality.
The Nashville Metro Sports Authority voted unanimously to approve the project at a board meeting Thursday.
Several steps remain, and the earliest that all the steps could be completed is within the first three months of 2023. There have been no political setbacks to date, however, and this latest vote represents another important step forward.
“We are thankful for the Metro Nashville Sports Authority's leadership and support in moving the stadium proposal forward (Thursday),” the team said in a statement released to the media. “The Authority has worked for many years to identify and address the challenges faced at the existing stadium and continues to be an important partner as we look ahead to the future. We look forward to further conversation as the process continues.”
The Metro Council still needs to approve the proposed 1 percent increase in Davidson County hotel/motel tax, which is significant to the funding of the stadium. That will require a second reading, which could happen as soon as Tuesday, and a third reading, which is expected before the end of the month.
A term sheet resolution, which requires only one reading, also must be approved. This likely will take place in conjunction with final approval of the hotel/motel tax increase, which is expected on Dec. 20.
Additional votes on other documents, including the team’s lease with the Sports Authority and the issuance of bonds, will take place sometime in the new year.
Franchise officials have set a goal to have the new stadium built and ready to open in time for the 2026 NFL season. The fact that the approval process will extend into 2023 makes that timeline a little less likely.
The total cost is estimated at $2.1 billion. The state has already committed $500,000 million to be raised through the increase to the downtown hotel tax. The city will commit another $760 million from revenue bonds, which will be repaid through ticket sales and 1 percent increase to all in-stadium sales at the new building as well as additional sales tax revenue from the surrounding campus. The Titans are committed to $840,000 million in addition to all cost overruns.
It will be a domed stadium with a capacity of 55,000-60,000 with a wide variety of seating options.