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NASHVILLE CITY COUNCIL SPARS BEFORE APPROVING PREDATORS DEAL
Published January 22, 1998
In Nashville, "several" Metro Council members Tuesday night "voiced" concern about the NHL Predators' "slow ticket sales," according to Rob Moritz of the NASHVILLE BANNER. The members "tried to defer" a vote on the $21M bond issue to pay the city's portion of the NHL's $80M franchise fee for the team. Members also tried to "amend the bill to require" that the $21M be "returned to Metro if the team leaves within five years." But Councilmember Eileen Beehan told the group that the deal was approved two years ago, and added, "We made this pledge." Two resolutions appropriating the bonds were then OK'd by a voice vote. The $21M will be in an escrow account and the team "will use the money as collateral to borrow additional money to help pay its share of the franchise fee." If the team doesn't sell the 12,000 season tix mandated by March 31 and does not receive a franchise, the city will get the $21M back (BANNER, 1/21).