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Soccer in Nashville


Nashtitans

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from a member of The Roadies:

https://www.nashville.gov/Metro-Clerk/Legislative/Resolutions/Details/5668e4f0-d22d-4071-96f3-70445f9e8f3f/2019-2023/RS2020-442.aspx

New resolution coming out before the Metro Council next Tuesday night. The resolution will replace the term sheet that was originally approved with the updated term sheet. 

If you look below "NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:" You will see four sections stated. 

Section 3 and 4 are self-explanatory. 

Section 1 is meant to remove the backstop from the original deal. This is related to the agreement with Cooper that was stuck in February that led to the team covering the debt service (35 Million dollars) in exchange for Cooper signing off on the demolition permits.

Section 2 removes the "Freeman amendment" which stated that if the team didn't play at the site for 24 months, the land would go back to the city.

This resolution can be passed with one reading of a majority vote.

Colby's instructions right now are to NOT email council members at the moment unless you hear something from Buildthestadium.com
 

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Metro Council is set to vote next week on the city's renegotiated agreement with Nashville SC for a soccer stadium at the fairgrounds, including nixing a provision that was making it difficult to finance construction of a related mixed-use development.

In February, Ingram and Cooper unveiled their revisions to the city’s stadium deal, which was initially approved by Metro Council in September 2018. Notable changes to the deal that were announced in February include:

  • The team will pay an additional $19 million to help cover infrastructure costs.
  • Under the original deal, Metro would pay up to $35 million to account for any gaps between ticket and sales tax collections and the team’s lease-payment obligations. That guarantee has been eliminated.
  • The team will amend the design of its 10-acre mixed-use development “to account for an open plaza that can serve the operational needs of multiple fairgrounds uses.”


More at NBJ here:

https://www.bizjournals.com/nashville/news/2020/07/16/metro-council-nashville-soccer-club-mls-stadium.html?iana=hpmvp_nsh_news_headline

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6 minutes ago, PaulChinetti said:

I have to imagine this will pass... with the original naysayers still voting against it or trying to pass amendments to torpedo the entire project. 

I believe all this requires is a simple majority vote (21 yes votes). However, the naysayers will talk about COVID and the fact that the trial is still ongoing. 

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