Home Financial responsibility Cooper says taxpayers won’t fund new Titans stadium | Titans

Cooper says taxpayers won’t fund new Titans stadium | Titans

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Nashville Mayor John Cooper says he and the Tennessee Titans are apparently close to reaching a pact that would ease any financial liability for the team’s closed new stadium to taxpayers, according to an editorial he published in the tennessian Thursday.

Cooper said his goal was to relieve taxpayers of any potential cost of a new Titans stadium and to hold the team accountable for providing most of the necessary funding; despite the $500 million bond, Governor Bill Lee asked the state legislature to earmark the stadium project.

According to Cooper, he seeks to protect Metro’s general fund, which pays for Nissan Stadium’s upkeep and upkeep through 2028 under the terms of the Titans’ current lease with the city, from being ravaged by the lawsuit by the team of a new multi-billion project. -dollar stage.

Apparently, Cooper says, the Titans (through private funding) and visitor spending (via the city’s proposed 1% hotel and motel tax increase) should be solely responsible for footing the bill. a new stadium.

Under Cooper’s vision, the Titans would also take financial responsibility for any stadium maintenance, and money from property and sales tax increases would not be used to fund construction or maintenance costs. of the stadium.

A potential new Titans stadium could cost up to $2 billion with $1.3 billion coming from the state. The Adams family, owners of the Titans, are also said to be willing to invest as much as $700 million their own money to fund the stadium.

Follow Michael Gallagher on Twitter @MGsports_