New Titans Stadium (60,000 capacity dome, ground level retail, directly east of Nissan Stadium)

[lmc123]

Really good twitter thread by Nate Rau of Axios Nashville... He breaks down the financing this way:

$500M State
$700M Adams Family
$150M NFL
$200M 2021 State Legislation for half of future sales tax to be redirected into the Sports Authority district (conservative estimate)

This gets us to roughly $1.55B. The rest would be determined by Metro.

Edited April 1, 2022 by Logan McCoy

[Melrose]

27 minutes ago, Logan McCoy said:

Really good twitter thread by Nate Rau of Axios Nashville... He breaks down the financing this way:

$500M State
$700M Adams Family
$150M NFL
$200M 2021 State Legislation for half of future sales tax to be redirected into the Sports Authority district (conservative estimate)

This gets us to roughly $1.55B. The rest would be determined by Metro.

Gonna have to wait and see about that $700 M  in "Adams family money."  Is it truly cash from them, or is it some derivative revenue they are banking on making off surrounding future development that they are  redirecting into the pot and characterizing as their own funds.   The more that figure starts getting thrown around right now as conclusive,  the more suspicious everyone should be that this is more Titans propaganda......

[Bos2Nash]

The 150M from the NFL would be from their stadium fund and I would be curious how long it takes for those approvals. I know Buffalo just got approval for their stadium, but are these votes the kind that only happen at owners meetings or is it throughout the year? I only ask because if that takes time, then that will obviously slow down the process. 

If we get to $1.5 billion than the $7,500/seat comes into play, I would not be opposed to the $485 million in bonds from Metro, if nothing else because it is the precedent we have set.

2 minutes ago, Melrose said:

Gonna have to wait and see about that $700 M  in "Adams family money."  Is it truly cash from them, or is it some derivative revenue they are banking on making off surrounding future development that they are  redirecting into the pot and characterizing as their own funds.   The more that figure starts getting thrown around right now as conclusive,  the more suspicious everyone should be that this is more Titans propaganda......

It would be absolutely shameful if the Titans money is really just funds they generate from things such as taxes or surrounding developments they have no stake in (ie special tax district) and say they are pitching it in. 

[Sean blackdog]

https://www.si.com/nfl/titans/.amp/news/tennessee-titans-nfl-new-stadium-investment-plan
 

$1.9 billion. 

[markhollin]

More on Amy Adams Strunk/Titans ownership committing $700 million to the stadium project.

Behind the Nashville Post paywall here:

https://www.nashvillepost.com/politics/state/house-speaker-adams-family-will-spend-700m-on-stadium/article_47c14ee0-b1d7-11ec-b0e0-7f820026c647.html

And at NBJ here:

https://www.bizjournals.com/nashville/news/2022/04/01/tennessee-titans-adams-family-to-spend-700-mill.html

[samsonh]

25 minutes ago, Melrose said:

Gonna have to wait and see about that $700 M  in "Adams family money."  Is it truly cash from them, or is it some derivative revenue they are banking on making off surrounding future development that they are  redirecting into the pot and characterizing as their own funds.   The more that figure starts getting thrown around right now as conclusive,  the more suspicious everyone should be that this is more Titans propaganda......

Yeah this seems like a bad deal for taxpayers and that no one is being really forthcoming. How much money from the state is from this new "district"? I am a huge Titans fan, but am pretty against public money going towards this in this large of an amount. 

[Nash_12South]

I wonder if the naming rights of a new stadium could add another $100 million or so to the pot? Nissan is the name of the current stadium and I'm sure that deal has a time limit.

[Melrose]

50 minutes ago, Bos2Nash said:

It would be absolutely shameful if the Titans money is really just funds they generate from things such as taxes or surrounding developments they have no stake in (ie special tax district) and say they are pitching it in. 

Agreed totally.  Need to see the details.  

One other part of Sexton's quote to note, saying the Adams family is "investing everything they have, liquidating almost everything that they have."  Now from his perspective, this is meant to carry some weight and curry sympathy for the Adamses.  But I think there is truth that that the Adams family is not as comparatively wealthy as a number of other billionaire owners.   Some may try to argue that is all the more reason the city and state should step in with funds,  I would argue the opposite.  Any renovation (or maybe new stadium) should be designed in proportion to what the Adams can afford to fund with almost entirely their own, actual up front cash.   

[nashvylle]

If the $700MM from the Adams family is for 100% guarantee for the interest payments on debt, that could be worthwhile exploring. 

[lmc123]

55 minutes ago, samsonh said:

Yeah this seems like a bad deal for taxpayers and that no one is being really forthcoming. How much money from the state is from this new "district"? I am a huge Titans fan, but am pretty against public money going towards this in this large of an amount. 

There is no money from the State for this new district. It's essentially a sales tax TIF. The parking lot generates $0 in sales tax. Any new sales tax, minus the local option allocated to schools, would be kept in the district (sports authority). The State basically approved forgoing future sales tax revenue from a parcel that was currently generating zero.

[samsonh]

26 minutes ago, Logan McCoy said:

There is no money from the State for this new district. It's essentially a sales tax TIF. The parking lot generates $0 in sales tax. Any new sales tax, minus the local option allocated to schools, would be kept in the district (sports authority). The State basically approved forgoing future sales tax revenue from a parcel that was currently generating zero.

Agreed it’s just like a TIF. But as I and others on this board have said, the East Bank is developing on its own. A new Titans stadium is not kicking it off. Taking increased revenue from this district is a giveaway to the Titans by another name.

[nashvylle]

2 minutes ago, samsonh said:

Agreed it’s just like a TIF. But as I and others on this board have said, the East Bank is developing on its own. A new Titans stadium is not kicking it off. Taking increased revenue from this district is a giveaway to the Titans by another name.

Do we know the parameters of the new district? I know @Bos2Nashshowed the hypothetical district and compared to Music City Center district, but not sure anything is confirmed.

Big difference if the district is the entire east bank (including Oracle), or just the Titans stadium and parking lots to be developed.  

Edited April 1, 2022 by nashvylle

[Melrose]

38 minutes ago, nashvylle said:

If the $700MM from the Adams family is for 100% guarantee for the interest payments on debt, that could be worthwhile exploring. 

Nope.  It should be $700 MM in up front cash from the Adams family's pockets (and not diverted revenue from their purported "cut" of future surrounding development)  and the Adams family guarantees cost overruns and guarantees  any Metro issued debt service shortfalls, i.e. principal and interest. 

[Nash_12South]

One calculus that I'd like to know is what is the amount Metro responsible for if we simply renovate what we have. Not only now, but contractually, going forward, vs. what is the outlay if we go all new. Almost all the extra 100s of millions seems contingent on an all new, domed, stadium.  Is anyone doing the calculation on whether the city is better off spending one amount now and millions annually vs. one bigger amount and ending annual responsibilities.  

[lmc123]

30 minutes ago, nashvylle said:

Do we know the parameters of the new district? I know @Bos2Nashshowed the hypothetical district and compared to Music City Center district, but not sure anything is confirmed.

Big difference if the district is the entire east bank (including Oracle), or just the Titans stadium and parking lots to be developed.  

Here's a link to the State law for your reading pleasure:
https://publications.tnsosfiles.com/acts/112/pub/pc0401.pdf

It's limited to the 130 acres contiguous to the stadium.

Edited April 1, 2022 by Logan McCoy

[Melrose]

8 minutes ago, Logan McCoy said:

Here's a link to the State law for your reading pleasure:
https://publications.tnsosfiles.com/acts/112/pub/pc0401.pdf

Who wants to draw this area ?

"In addition to the allocations provided in subdivision (d)(1)(A)(ii)(a), an amount must also be apportioned and distributed to the municipality equal to one-half (1/2) the amount of state tax revenue, exclusive of the revenue earmarked pursuant to subsection (c), derived from all sales in a designated area not exceeding one hundred thirty (130) acres contiguous to the sports facility and surrounding parking area of the major league professional football franchise; provided, that such acreage is not separated by a flowing navigable waterway. Such acreage must be designated by ordinance or resolution of the legislative body of the municipality in which the sports facility is located, and is subject to the approval of the commissioner of finance and administration."

[lmc123]

10 minutes ago, Melrose said:

Who wants to draw this area ?

"In addition to the allocations provided in subdivision (d)(1)(A)(ii)(a), an amount must also be apportioned and distributed to the municipality equal to one-half (1/2) the amount of state tax revenue, exclusive of the revenue earmarked pursuant to subsection (c), derived from all sales in a designated area not exceeding one hundred thirty (130) acres contiguous to the sports facility and surrounding parking area of the major league professional football franchise; provided, that such acreage is not separated by a flowing navigable waterway. Such acreage must be designated by ordinance or resolution of the legislative body of the municipality in which the sports facility is located, and is subject to the approval of the commissioner of finance and administration."

How many acres does the sports authority control? 

[colemangaines]

7 minutes ago, Logan McCoy said:

How many acres does the sports authority control? 

Parcel viewer says just under 90 acres in that area. But several of the adjacent lots are owned by different city organizations like MDHA. Here's a (very rough) outline of Sports Authority's land:

[Luvemtall]

I know I’ve said it before, and I don’t want to keep beating a dead horse, but I’m going to push it out on the limb. I really believe you all have many good valuable points and that it would be great to really know the details. But read the writing on the wall, this by all aspects appears to be a done deal. They are all just playing it , a little at a time. I bet that designs and engineering are already being done, if not already done. I wouldn’t be a bit surprised if we see groundbreaking by Q4 , if they plan on opening for the 2026 season. Because if they do, not only will the stadium need to be none , but the area around it probably will need to be somewhere near finishing if they hope on hosting the World Cup etc. there’s going to need to be parking also, and it wouldn’t be wise to just pave a Hugh area intended for development.

[Rick Dalton]

I just want to see a rendering. It better be artfully done….

[MLBrumby]

The more I look at LUCAS OIL stadium the more I like it. And the cost adjusted for inflation is under $1 billion. And that’s where I just get stunned when I hear the price $2 billion that’s being bandied about. And frankly I find Mercedes  in Atlanta to be very ugly… albeit an engineering marvel , but can you imagine the cost of maintenance on that? Especially when it hits 30 years and water has seeped through to all the gears.

[titanhog]

Is it true that hosting one Super Bowl would basically pay for the building?  Guess they’re saying a SB is worth $2 Billion to the city?

[Bos2Nash]

This area below is approximately 147 acres. I could see some pockets being left out for public space or something along those lines. I did not include the gas tanks because those are not going anywhere anytime soon, so it would be silly to include in such a district. Same goes for PSC Metals.

@Luvemtall, it is entirely possible that the Adams family already working with Populous on a new design and being tight lipped on it. Populous designed Nissan and is arguably the most prolific stadium designer in the world, so it would be a safe bet they get the design job. There is NO WAY this thing breaks ground this year though because there is probably going to be about 12 months worth of public hearings alone for it. I for one will stand up and vehemently disagree with locating the stadium on the eastern parking lots because of how the stadium will serve as a divider to the neighborhood it is supposedly serving. The non-profit groups - like SUN - will also be very vocal about the new stadium and will demand a CBA probably even stronger than the soccer stadium. Wouldn't shock me if the Titans will have to fork over some money to build affordable housing on the East bank (and not just contribute to the Barnes Fund) somewhere on the Sports Authority property (because they probably cannot afford land of their own).

4 hours ago, titanhog said:

Is it true that hosting one Super Bowl would basically pay for the building?  Guess they’re saying a SB is worth $2 Billion to the city?

Highly, highly doubt that would be an accurate assessment. Especially with the amount of money that the host city needs to shell out per NFL guidelines for host cities. After all is said and done, hosting a single SB would probably cover the State's deferral of sales tax revenue. 

[markhollin]

On my trip to Indianapolis last week, I drover around the impressive Lucas Oil Stadium on the south side of downtown.  I still believe it is the best type of design to be emulated for any possible new Titan's stadium. The brick finish is the crowning touch.

 

[Luvemtall]

All good points B2N , just one question. How many public hearings will actually need to take place? The Sports Authority already owns the land , the new stadium is already a use permitted under zoning so why do they really need any approvals?