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COUNCIL OVERWHELMINGLY APPROVES OILERS' RENT REDUCTION
Published April 17, 1997
Nashville's Metro Council approved an amendment to the Oilers' stadium agreement that reduces the team's rent by $19.1M over the 30-year life of the lease, according to Rob Moritz of the NASHVILLE BANNER. Council members said their decision to support the change "was swayed heavily" by the Oilers' announcement Monday to locate their $17M practice facility locally in Bellevue and not a neighboring county. The rent change "was needed" because the team had exercised a contract option not to have the practice facility built next to the Nashville stadium. Mayor Phil Bredesen and the Oilers negotiated the rent reduction from $1M a year to $362,319 (NASHVILLE BANNER, 4/17).