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NASHVILLE WILL THINK OF OILERS EVERY TIME THEY FLUSH
Published October 6, 1995
Nashville Mayor Phil Bredesen presented a $292M financing package to lure the Oilers to the Nashville Metro Council yesterday that "appeared to have few opponents," according to this morning's HOUSTON CHRONICLE. The plan will give the team a $124.3M, 65,000-seat open-air stadium with 100 luxury boxes and 10,700 club seats. The Oilers will receive $1M a year to manage the facility and $28M in relocation costs, including money to help the team through "expected lean years" in Houston until the move in '97. The financing includes $71M from PSLs, $84.3M from the state, and $143M from the city. The city's contribution includes $55.1M from water/sewer revenues -- currently going toward EPA-mandated sewer improvements. Taxes would not increase, but $44M would come from redirecting a 1% hotel tax from the general fund to the stadium. Oilers Exec VP Mike McClure said the deal has "many Oilers concessions," including higher rent than the Panthers and Rams are paying in their new facilities (HOUSTON CHRONICLE, 10/6).