Nashville's long-awaited MLS stadium is now set to tentatively open in February '21HOK
Nashville's MLS expansion team is getting a home after the city's Metro Council gave "final approval to three ordinances and a resolution for a much-debated" $275M stadium project at the Fairgrounds Nashville that "includes a 10-acre mixed-use development with housing, retail and a hotel," according to Joey Garrison of the Nashville TENNESSEAN. Yesterday's approval "marks a win" for Nashville Mayor David Briley. The key action was a 31-8 vote to "demolish existing buildings and structures at the fairgrounds south of downtown." The ordinance also "enacts a $1.75 ticket tax at the stadium that will increase over time." The other three actions "rezones the 10 acres to allow the mixed-use development; approves a 99-year ground lease between the city and the team for the private development" and authorizes $50M in "general obligation bonds to rebuild fairgrounds buildings and provide infrastructure upgrades." The approval of each piece of legislation now "finalizes the requirements necessary" for Metro to issue $225M in "revenue improvement bonds for the stadium, which is set to tentatively open" in February '21. Nashville MLS Owner John Ingram went into yesterday's vote with "momentum after the team ownership was able to secure a third-party community benefits agreement with the ground Stand Up Nashville, composed of labor unions and other stakeholders" (TENNESSEAN.com, 9/4). SOCCER AMERICA's Paul Kennedy notes the Nashville MLS ownership group will pay $9M a year "over 30 years" to repay the bonds. Sales tax revenue from stadium events and the ticket tax "will go toward covering" the remaining $4M a year in debt (SOCCERAMERICA.com, 9/5).
