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Wed October 19, 2022 - Southeast Edition #23
The Tennessee Titans took a significant step toward construction of a new stadium Oct. 17, when Mayor John Cooper announced that he and team officials have agreed to terms for the project.
Most notable, from the city's perspective, is that the plan will save taxpayers an estimated $1.75 billion to $1.95 billion that would have been required to maintain the NFL team's current venue, Nissan Stadium, under terms of the existing lease, which could have been extended to 2039, according to Sports Illustrated (SI).
In addition, some of the land on which Nissan Stadium currently sits will be returned to Nashville for redevelopment, and the Titans will forgive $32 million the city currently owes for construction and maintenance over the past four years.
The deal still requires approval of the Metro Nashville Council and the Nashville Sports Authority. The best-case scenario is that all the approvals will be in place by the end of the year and construction can get under way sometime late in 2023.
SI reported that Titans' officials remain hopeful that the new stadium will be complete in time for the 2026 NFL season but are willing to push that back to ensure the quality of the venue.
Once the domed structure opens, the team and the city will begin a new 30-year lease under which the Titans are responsible for all maintenance and upgrades to the facility.
Original Titans' owner Bud Adams was a founding member of the American Football League (AFL) in 1960, where his Houston Oilers played until after the 1969 season when that league merged with the NFL. In 1997, Adams decided to move the Oilers to Tennessee, primarily because he could not get Houston officials to build a replacement for the outdated Astrodome.
After playing for two seasons in Memphis while awaiting Nissan Stadium's completion, the renamed Titans football team made their final move to Nashville.
"When my father brought this team to Tennessee 25 years ago, I don't think he could have imagined a better home for our organization," Amy Adams Strunk, controlling owner of the Titans, said in a release from the city. "The way the people of Tennessee have embraced this team as their own is truly something special, and I am thrilled that with this new agreement, we will cement our future here in Nashville for another generation."
According to SI, Nashville's domed stadium plans have many notable details, including:
The total cost of Nashville's domed stadium is estimated at $2.1 billion. The state of Tennessee has already committed $500 million to be raised through an increase in the downtown hotel tax. Additionally, the city will commit another $760 million from revenue bonds, which will be repaid through ticket sales and a one percent increase to all in-stadium sales at the new building as well as other sales tax revenue from the surrounding campus.
The Titans organization is committed to contributing $840 million in addition to all cost overruns, SI noted.
Kansas City, Mo.-based MANICA Architecture, which has designed Allegiant Stadium in Las Vegas, NRG Stadium in Houston, and Wembley Stadium in London, among others, will develop the final design once all approvals are in place for the project to go forward.
"We want it to be a modern experience," Titans President and CEO Burke Nihill said of the proposed facility. "The best stadiums allow fans the choice about how they want to attend the game and interact with the stadium. So, that may be a great seat that has a good view of the game and they're parked there the entire time. And that may be a social experience. There are families who want the ability to roam around a little bit with their little ones. We have millennials who would like to have something of a game-long tailgate. So, we are trying to build a building and design a building that accommodates a wide range of experiences."
He called the new Titans' stadium "a game changer for the community, enhancing the national and international reputation of our great city and state and delivering world-class events to our doorstep that we could never have dreamed of 25 years ago. We couldn't be more appreciative of Mayor Cooper's commitment to prioritizing the taxpayers of Nashville and his vision for a bold future on the East Bank [of the Cumberland River]."