The Tennessee Titans and Nashville mayor John Cooper have reportedly struck a deal on a new domed stadium after months of negotiations.
According to Axois Nashville’s Nate Rau, Mayor Cooper and the Titans will hold a press conference at 2 p.m. CT on Monday to make the announcement, which will also include the financing plans for the new venue.
Based on earlier reports, the new stadium will be located to the east of Nissan Stadium and will be the focal point of the East Bank redevelopment plan. Expectations are that the new stadium will cost around $2.2 billion.
As far as financing is concerned, the team is putting up about $800 million of its own money, while the state will put up $500 million in bonds on top of the addition of a one-percent tax on all hotel room rentals in Davidson County, as well as sales taxes collected from the new venue and surrounding 130-acre campus.
While all that appears to be hashed out, the mayor now has to get approval from the Metro Council which, according to Rau, isn’t a slam dunk.
The original plan for the Titans was to renovate Nissan Stadium, but after estimates were higher than originally expected, talks about a new stadium began.
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