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4 minutes ago, PaulChinetti said:

What about this stadium effects any city money? The infrastructure improvements?

From what I understand Nashville SC would be responsible for cost overruns for the stadium, but not the infrastructure. I seem to recall that the new Fairgrounds buildings were budgeted to cost 25 million, but actually cost north of 40 million to build, out of a 50 million dollar infrastructure budget. I’m pretty sure that the shortfall for infrastructure, among other details(the other being the issue with the ground lease) is the cause of the current impasse. 

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18 minutes ago, PaulChinetti said:

What about this stadium effects any city money? The infrastructure improvements?

Infrastructure and the actual stadium.

General Obligation Bonds were used to fund the new expo center (nearly ~$18MM over budget) and infrastructure (no one knows how much this will cost and who will cover overruns). 

Metro is on the hook for a certain percentage of the stadium debt service in the first 5 years, and then a smaller percentage from years 6-10.

 

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WH0RING for the teachers' union endorsement next time. Everything I've seen so far about this guy is just wrong.. very old style... very backslapping... very 1950s coalition jockeying. There's a reason the more modern mayors of growing cities moved far away from that style of politicking, not the least of reasons was because there are new people moving into the city all the time... and many of them are single or couples with no kids. 

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23 minutes ago, MLBrumby said:

WH0RING for the teachers' union endorsement next time. Everything I've seen so far about this guy is just wrong.. very old style... very backslapping... very 1950s coalition jockeying. There's a reason the more modern mayors of growing cities moved far away from that style of politicking, not the least of reasons was because there are new people moving into the city all the time... and many of them are single or couples with no kids. 

The teachers' union would be dumb to support anyone who doesn't support a property tax rate increase. We are woefully behind and it is the only thing that would properly fund their pay raises. We are the most prosperous city in the state by a long shot and we also have the lowest property tax rate by a long shot. You could quadruple our rate I think and it would still be lower than Memphis.

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Mayor Cooper says the MLS Stadium infrastructure costs are doubling.  Path forward remains unclear in his address to Rotary Club yesterday.

More at The Tennessean here:

https://www.tennessean.com/story/news/politics/2020/01/28/nashville-mls-stadium-costs-running-over-mayor/4592265002/?utm_source=tennessean-Daily Briefing&utm_medium=email&utm_campaign=daily_briefing&utm_term=hero

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""On the other side of this you need a rockin' plan where the costs are anticipated and covered and (Fairgrounds Nashville) ends up being one of the greatest sites in the country," he said. "Not a half-baked solution.""

So going through the process getting it approved by all the committees, and the entire council is half baked? Leaving the Fairgrounds as it is isn't half baked?


Ingram should just pony up the money for any infrastructure overruns. Force Cooper's hands see how much BS he's full of.

How in the hell did those buildings cost an additional $25 million dollars?

 

So Nascar at the Fairgrounds wouldn't involve any of these infrastructure improvements, I'm sure.....?  I can't even form coherent sentences I'm beyond upset, what is the point of having a process and getting things approved if the next person up can just crap all over it. Sigh.

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The only thing half-baked about the process was the city’s estimate on how much the infrastructure is going to cost, which is a chronic problem with Metro based on other projects that are plagued with cost overruns. Cooper isn’t going to spend an additional cent beyond what Metro is already obligated to spend, and honestly, with the current budget situation it would be irresponsible to do so until that is behind us. 
 

Something will get moving soon, as the bonds have already been issued(I believe), and will need a revenue stream to repay Metro’s portion of the debt service. What that looks like is anyone’s guess, but I imagine the delay has to do with Ingram trying to reduce his exposure to infrastructure overruns, and reconfiguring the Mixed use site to allow proper ingress/egress to the racetrack. 

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49 minutes ago, downtownresident said:

Something will get moving soon, as the bonds have already been issued(I believe), and will need a revenue stream to repay Metro’s portion of the debt service. 

The revenue bonds for the stadium have not been issued. The $25MM general obligation bonds to pay for the expo center have been issued, and metro dipped into its reserves to cover the shortfall. I believe the final cost was close to $40MM, and @PaulChinetti one of the reasons the expo center cost so much was the concrete vendor walked the job.

The other general obligation bonds approved by council was $25MM for infrastructure, which Cooper is saying is well below actual cost estimates now. 

Amend the approval to have the $225MM revenue bonds apply to upgrades at Nissan Stadium, make it as soccer specific as possible, have Nashville SC control revenue at their games, and Metro make a deal with Market Street Enterprises to redevelop Tony Sedukem apartments in partnership with MDHA.

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30 minutes ago, TheRaglander said:

I really believe the best spot would be to use Nissan versus the Fairgrounds.  Alas we will have REAL parking, walking-distance options for food/drink in the epicenter of the country's most dynamic and exciting downtown... and a pedestrian bridge that could be used for the pre-game "walk".  I love soccer.  I like the plans for the new stadium.  I just don't love the Fairgrounds location.  

I don't disagree with this but I think the challenge will be Nashville SC turning away from significant revenue by being a sub-tenant instead of mananger/owner of their venue. Also losing the ability to develop mixed-use to supplement income.

I'm pretty sure Titans have visions of developing some of the area around the stadium, and obviously would have first rights to it over the soccer club, so no way in hell they'd let Nashville SC swoop in and develop or share in those potential profits.

The reason this worked in ATL with Falcons and Atlanta United in their new dome is because they have the same owner. For Nashville SC to transition to being a sub-tenant of Nissan you are significantly lowering their earnings ceiling.

Edited by DDIG
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7 minutes ago, DDIG said:

I don't disagree with this but I think the challenge will be Nashville SC turning away from significant revenue by being a sub-tenant instead of mananger/owner of their venue. Also losing the ability to develop mixed-use to supplement income.

I'm pretty sure Titans have visions of developing some of the area around the stadium, and obviously would have first rights to it over the soccer club, so no way in hell they'd let Nashville SC swoop in and develop or share in those potential profits.

The reason this worked in ATL with Falcons and Atlanta United in their new dome is because they have the same owner. For Nashville SC to transition to being a sub-tenant of Nissan you are significantly lowering their earnings ceiling.

Valid points. That's why I said Metro work out a deal for Market Street to redevelop Tony Sedukem area (~20 acres) for supplemental income, work out a deal with the Titans to have NashvilleSC own all revenue from their games in exchange for the investments to Nissan Stadium via $225MM revenue bonds, and work out scheduling that works for both teams.

Titans can still develop the east bank, which will make the area more active (benefits both Titans and NashvilleSC's game day experience). 

Titans can renovate their stadium without having to ask metro for additional money. 

Edited by nashvylle
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4 minutes ago, nashvylle said:

Valid points. That's why I said Metro work out a deal for Market Street to redevelop Tony Sedukem area (~20 acres) for supplemental income, work out a deal with the Titans to have NashvilleSC own all revenue from their games in exchange for the investments to Nissan Stadium via $225MM revenue bonds, and work out scheduling that works for both teams.

Titans can still develop the east bank, which will make the area more active (benefits both Titans and NashvilleSC's game day experience). 

Titans can renovate their stadium without having to ask metro for additional money. 

 

Fair, the challenge is anything that involves Metro working out a deal right now. Cooper's negotiation tactics seem to me to be, sure you can redevelop  that area if you pay full market value for the site and pay for all the necessary infrastructure, etc. on your own. Metro is not going to be a public-private partner on anything with him in charge is my feeling.

 

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38 minutes ago, DDIG said:

 

Fair, the challenge is anything that involves Metro working out a deal right now. Cooper's negotiation tactics seem to me to be, sure you can redevelop  that area if you pay full market value for the site and pay for all the necessary infrastructure, etc. on your own. Metro is not going to be a public-private partner on anything with him in charge is my feeling.

 

I pray Cooper realizes that private funding is scarce for Tony Sedukem renovation project, there is an agreement with StandUp Nashville, and he could keep the existing uses as is for the Fairgrounds. 

Edited by nashvylle
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8 hours ago, PaulChinetti said:

""On the other side of this you need a rockin' plan where the costs are anticipated and covered and (Fairgrounds Nashville) ends up being one of the greatest sites in the country," he said. "Not a half-baked solution.""

So going through the process getting it approved by all the committees, and the entire council is half baked? Leaving the Fairgrounds as it is isn't half baked?


Ingram should just pony up the money for any infrastructure overruns. Force Cooper's hands see how much BS he's full of.

How in the hell did those buildings cost an additional $25 million dollars?

 

So Nascar at the Fairgrounds wouldn't involve any of these infrastructure improvements, I'm sure.....?  I can't even form coherent sentences I'm beyond upset, what is the point of having a process and getting things approved if the next person up can just crap all over it. Sigh.

While the whole plan is not half baked, there are definite short falls in the plan, nobody denied that (parking??). Quite honestly I am of the opinion that Ingram should be paying for all the infrastructure improvements to the site. He is getting 10-acres of land and all its revenue streams, general assistance for construction from the city through the bonds and the city paid to relocate the fairgrounds that his development would be building on top of. Any other place other than the state owned Fairgrounds, the private developer would be paying for relocation and potentially new facility construction. Essentially the most involved the city should've been is getting the expo center move negotiated and that's it. 

On top of everything, the speedway was clearly not considered throughout the process (biggest half baked part IMO) so none of the estimated infrastructure costs include the improvements that will need to be made to make that a destination speedway. It is owned by Metro which means until they either sell the property (which I'm pretty sure the charter forbids) in order to leverage a private entity covering upgrades or finds a deep pocketed partner - like SMI - to help with things, but they will still be on the hook for many upgrades, because they are the surrounding property owner. Ingram will be the sole owner of the stadium and the 10-acres, yet the city said "sure, we will handle all infrastructure upgrades for the privately owned site". I never understood that part of the negotiation. I put a lot of this blame on Barry and Briley more than Cooper. I agree that his negotiation tactics aren't what the city is used to, but man the deal broker by his predecessors basically set him up to be the bad guy.

**Disclaimer: I was not registered resident during the negotiation phase of this project so obviously my hindsight is swooned by being a late comer**

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2 minutes ago, nashvylle said:

@Bos2Nash not sure when if ever infrastructure is paid for by the developer, could be wrong though. 
 

look at Nashville Yards, River North as examples. 

Cooper pulled Metro's longstanding commitment to Ausrion's infrastructure. I also think he isn't keen on giving River North what was also pledged and that could be part of Oracle hang-up.

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8 minutes ago, DDIG said:

Cooper pulled Metro's longstanding commitment to Ausrion's infrastructure. I also think he isn't keen on giving River North what was also pledged and that could be part of Oracle hang-up.

He can't change the infrastructure money that was pledge to River North, as council has already approved the spending. In the recent article about Cooper visiting Oracle along with Governor Lee the Business Journal stated that the participation agreement that outlines how that 20 million should be spent should be in front of council soon.

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53 minutes ago, nashvylle said:

Was it Asurion’s infrastructure or their $500 per employee hired incentive? 

https://www.bizjournals.com/nashville/news/2020/01/28/why-mayor-cooper-punted-an-incentive-deal-shortly.html

Transition documents left for Cooper's team revealed Briley agreed to give Asurion $3.7 million to help pay for sidewalks, traffic lights, turn lanes and underground utilities at the company's new $252 million headquarters, which is under construction. 

The Cooper administration has never publicly confirmed it will not finalize the deal; however, its fate has been in limbo, particularly after Finance Director Kevin Crumbo said economic development deals are "in the back seat" as the city grapples with budget challenges.

With this quote from Cooper:

"It is not just the important people getting money. If we have money, then it needs to go to the people who can build the greatest overall community," Cooper told the crowded room. "I said no, and they were super mad at me. I can’t support a false-flag appropriation from some other bucket of money that was supposed to go to roads and neighborhoods, just because you think your rent is too high."

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10 hours ago, DDIG said:

 

Fair, the challenge is anything that involves Metro working out a deal right now. Cooper's negotiation tactics seem to me to be, sure you can redevelop  that area if you pay full market value for the site and pay for all the necessary infrastructure, etc. on your own. Metro is not going to be a public-private partner on anything with him in charge is my feeling.

 

He may be willing to budge if MarketStreet pledges to increase the number of units in a redeveloped Sudekem/Napier development as part of the redevelopment. Would give him a nice win on Affordable Housing, which he focuses a lot of his rhetoric on. 

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