New Titans Stadium (60,000 capacity dome, ground level retail, directly east of Nissan Stadium)

[markhollin]

6 minutes ago, Melrose said:

I was referring to sales tax portion.

And NatetheGreat's original post was in regards to out-of-town bachelorette entourages paying tons of taxes while they were in town. 

[lmc123]

Sometimes people can't see the forest through the trees.

[Melrose]

2 hours ago, Melrose said:

Let's do this once again.  There is the 2017 VSG study,  which came before the new stadium scam was conceived, and thus is the most honest assessment of renovation needs.  It said $300 Million .  From there you have the Titans' 2021 PROPOSAL for their preferred renovation stating it would cost $1.8 Billion.  And then you have the latest VSG report,  which many smart people are pointing out, is not an actual renovation need assessment, but rather is just a review of the Titans' proposal.  Here's a thread going further on this:

https://twitter.com/jc_bradbury/status/1587798333913006082?s=20&t=jR254DU8m__ex7VkiTHedg

Again the Titans and you can certainly believe a new stadium is preferred over a renovation,   but saying it is preferred because it has been "shown" that an obligated renovation (not the Titans' platinum edition proposal will definitely cost $1.8 Billion or even $1+ Billion) and thus that is very close in cost to the new stadium's supposed cost (which does not include future upkeep costs, infrastructure, etc)  is not true.

Following up on this,  VSG now saying very clearly that all their report did was check the costing of the Titans’ proposed preferred renovation.  So again no confirmation or analysis at all that the obligated renovation would cost $1.8 B or updating of their 2017 study that found renovations would cost $300 Million.  
 

The Mayor and Titans claiming this report was something it was not is not pretty bad.  

https://www.nashvillescene.com/news/pithinthewind/city-whiffs-on-determining-nissan-stadium-liability/article_501e165e-5bb9-11ed-adc4-7f85a99719c0.html

 

[Melrose]

22 minutes ago, markhollin said:

And NatetheGreat's original post was in regards to out-of-town bachelorette entourages paying tons of taxes while they were in town. 

There wasn’t any context there,  so i don’t know how you could tell.  

[samsonh]

56 minutes ago, Melrose said:

Following up on this,  VSG now saying very clearly that all their report did was check the costing of the Titans’ proposed preferred renovation.  So again no confirmation or analysis at all that the obligated renovation would cost $1.8 B or updating of their 2017 study that found renovations would cost $300 Million.  
 

The Mayor and Titans claiming this report was something it was not is not pretty bad.  

https://www.nashvillescene.com/news/pithinthewind/city-whiffs-on-determining-nissan-stadium-liability/article_501e165e-5bb9-11ed-adc4-7f85a99719c0.html

 

All taxpayers should be furious at how Cooper has handled this process. The study was a pure waste of money.

[WebberThomas4]

There’s still so much unknown about the deal. I trust Bob Mendes’ and the rest of committee to get the answers that we all want regarding obligations, unknown cost, etc. before anything moves forward. The council holds the power now. Just let it play out. 

 

[markhollin]

Council members question Nissan Stadium renovation estimate: What's a need vs. a want?

More at The Tennessean here:

https://www.tennessean.com/story/news/local/davidson/2022/11/08/nashville-council-members-question-costs-of-nissan-stadium-renovation/69628745007/

[markhollin]

Manica Architecture discusses Titans Stadium design features at NBJ.

- Upper bowl will be 30 feet closer to the field than Nissan.

- The decision behind a box shape, though 90 degree corners are slightly less expensive than fluid corners, was not made because it’s cheaper but because it optimized space on the site the stadium will sit on.

- The facades of the stadium will be built with durable, accessible materials that will last a long time and utilize repetition.

- Fans can take in views of downtown Nashville, including a large window in the seating bowl as well as the open-air wrap around porches. The concourses … open to these big front porches that have these sweeping panoramic views of downtown.  The team is thinking that the terraces could be open and enjoyed by the public on non-game days.

- There are areas within the building that can be added or changed over time and allow for new ideas to be brought into the stadium later if needed.

- The seating bowl environment can also shift, flexing up and down with different capacities, as expectations change in the market, Manica said. There is flexibility for an increase, but that number has not yet been quantified.

- The design team are experimenting with a design that allows for temporary concert stages behind the field, allowing more room for field level seating and having less of the building be black out.

https://www.bizjournals.com/nashville/news/2022/11/09/manica-architecture-tennessee-titans-new-stadium.html

 

[PaulChinetti]

Let's meet on the Titan's terrace and have lunch. I like it. 

Definitely the more you hear about it, the flexibility of the place seems to be a major selling point. I have to imagine that's one of the reasons why Cooper is such a fan. 

[nashvylle]

24 minutes ago, markhollin said:

Manica Architecture discusses Titans Stadium design features at NBJ.

- There are areas within the building that can be added or changed over time and allow for new ideas to be brought into the stadium later if needed.

- The seating bowl environment can also shift, flexing up and down with different capacities, as expectations change in the market, Manica said. There is flexibility for an increase, but that number has not yet been quantified.

These two bullet points are very interesting and good to read. 

[UrbanWes03]

1 hour ago, nashvylle said:

These two bullet points are very interesting and good to read. 

I’m interested to see what the max capacity could be if they added all the extra seating possible?

[MLBrumby]

I'd imagine there'd be around 8-10K SRO for big events. 

[Sean blackdog]

Tap this ^ more pictures. 

Check out online. 
 

Old 3 levels. 
New 7 levels? 

 

 

Edited November 22, 2022 by Sean blackdog

[PruneTracy]

Is the field actually turned to an east-west orientation in the proposed stadium? I know it has a roof, but AT&T Stadium has issues with glare due to the windows.

[nashvylle]

1 hour ago, PruneTracy said:

Is the field actually turned to an east-west orientation in the proposed stadium? I know it has a roof, but AT&T Stadium has issues with glare due to the windows.

Yes, it is. Home field advantage? 

[markhollin]

Nashville could finance up to $519 million for Nissan Stadium repairs and maintenance without using revenue sources exclusively tied to a new enclosed stadium, according to an estimate from Metro's finance department.

Without access to earmarked state bonds and hotel taxes, Nashville's total funding capacity caps out at about $368 million in bonds, assuming the debt would be issued with a term matching the city's current lease with the Titans, which could stretch through 2039.

That funding capacity could increase to about $519 million if the debt was issued on a 30-year term, 17 years beyond the term of the current Titans lease. Most if not all of this debt would be backed by Nashville's general fund, according to city finance documents.

Nashville's current agreement with the Titans, signed in 1996, requires Metro to provide a "first-class" stadium on par with comparable facilities and cover maintenance costs. The definitions of "first-class" and "reasonable number" of similar facilities have been points of debate.

According to the Venue Solutions Group report, Nissan Stadium would need about $362 million in projects to return the stadium to "good condition," without any additional upgrades. Another $235 million would be needed for maintenance through the remainder of the Titans' lease.

Using the maximum $519 million financial capacity estimate, Metro would be about $78 million short to cover those repair and maintenance costs, according to Metro's finance department.

More behind The Tennessean paywall here:

https://www.tennessean.com/story/news/local/davidson/2022/11/29/titans-stadium-comparing-financing-options-for-renovation-new-build/69669134007/

[nashville born]

On 11/22/2022 at 10:47 AM, nashvylle said:

Yes, it is. Home field advantage? 

Not really.  Depends on who wins the coin toss.  And even then, teams have to switch ends each quarter.

[nashvylle]

Sports Authority approves Titans term sheet. A step forward in the overall process:

https://www.si.com/nfl/titans/news/tennessee-titans-new-stadium-nashville-sports-authority-approval

 

[markhollin]

Metro Council deferred a vote on the terms sheet for a new Tennessee Titans stadium at its Dec. 6 meeting.

The vote is now scheduled for Council’s Dec. 20 meeting at 6:30 p.m. The terms sheet, which was approved by the Sports Authority last week, only needs one vote by Council to be approved. 

The third and final vote to approve the 1% hotel-motel tax increase will also take place at Council’s Dec. 20 meeting. The second vote passed at the Dec. 6 meeting.

The terms sheet is non-binding and final documents, like a Titan's new lease with the Sports Authority, are expected to be presented to and voted on by Council in the first quarter of 2023.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2022/12/07/tennessee-titans-stadium-vote-deferred-council.html

[bwithers1]

On 11/9/2022 at 3:27 PM, PaulChinetti said:

Let's meet on the Titan's terrace and have lunch. I like it. 

Definitely the more you hear about it, the flexibility of the place seems to be a major selling point. I have to imagine that's one of the reasons why Cooper is such a fan. 

The prior plan was to introduce mixed uses to generate sales taxes to pay bonds for Metro’s share of the renovation costs.  Some people are crying about sports bars and singer-songwriter spaces in the renovation plan. Those were there to help generate the sales taxes within the capture area to fund Metro’s obligations toward the renovation to meet the current lease obligations.

Then the cost estimates came in far higher than what these revenues could fund. That’s when the Titans went back to the State to seek the hotel tax option. Then Governor Lee asked why an enclosed stadium was not being proposed and he put the $500M in his budget to fund the approximate cost difference of a domed or enclosed stadium so that Tennessee can compete with several surrounding states for several events that we lose due to lack of an enclosed stadium. 
 

But yes, I agree with you that the public spaces of this proposal are a real selling point, literally. They will activate the facility, the proposed park and the entire neighborhood and generate lots of sales taxes on site that help to lay for the stadium.

Edited December 9, 2022 by bwithers1

[Melrose]

On 12/9/2022 at 3:23 AM, bwithers1 said:

Then Governor Lee asked why an enclosed stadium was not being proposed and he put the $500M in his budget to fund the approximate cost difference of a domed or enclosed stadium so that Tennessee can compete with several surrounding states for several events that we lose due to lack of an enclosed stadium. 

Lol, ok whatever.  Why are you so intent on carrying water for the Titans’ ?  It’s bizarre

[samsonh]

On 12/9/2022 at 2:23 AM, bwithers1 said:

The prior plan was to introduce mixed uses to generate sales taxes to pay bonds for Metro’s share of the renovation costs.  Some people are crying about sports bars and singer-songwriter spaces in the renovation plan. Those were there to help generate the sales taxes within the capture area to fund Metro’s obligations toward the renovation to meet the current lease obligations.

Then the cost estimates came in far higher than what these revenues could fund. That’s when the Titans went back to the State to seek the hotel tax option. Then Governor Lee asked why an enclosed stadium was not being proposed and he put the $500M in his budget to fund the approximate cost difference of a domed or enclosed stadium so that Tennessee can compete with several surrounding states for several events that we lose due to lack of an enclosed stadium. 
 

But yes, I agree with you that the public spaces of this proposal are a real selling point, literally. They will activate the facility, the proposed park and the entire neighborhood and generate lots of sales taxes on site that help to lay for the stadium.

Serious question: what about maintenance costs on this proposed facility? They will surely run orders of magnitude higher than the current stadium. Also, the buildout of mixed use will take decades, who pays the expenses those sales taxes are meant to cover in the intervening years?

[nashvylle]

4 hours ago, samsonh said:

Serious question: what about maintenance costs on this proposed facility? They will surely run orders of magnitude higher than the current stadium. Also, the buildout of mixed use will take decades, who pays the expenses those sales taxes are meant to cover in the intervening years?

By “mixed use”, Are you referring to the stadium village, the 66 acres being reclaimed, or the 130 acres surrounding the stadium? 

[samsonh]

31 minutes ago, nashvylle said:

By “mixed use”, Are you referring to the stadium village, the 66 acres being reclaimed, or the 130 acres surrounding the stadium? 

Referring to all of it since taxes from all of it are going towards debt service. We can look at the Sounds stadium to see how long it took one apartment building to finally get under construction.

[nashvylle]

1 hour ago, samsonh said:

Referring to all of it since taxes from all of it are going towards debt service. We can look at the Sounds stadium to see how long it took one apartment building to finally get under construction.

This situation is different from the sound stadium. 

Metro issued bonds for the sounds stadium construction and site acquisition, with bond interest paid back solely from NEW real estate taxes from new development built by the sounds management. No money was available day 1 of bond issuance, and the sounds had no clock to commence development, which was delayed for years. 

The new titans stadium relies on 1% hotel tax collected once approved by council, existing metro and state in-stadium sales tax at Nissan stadium, existing ticket taxes at Nissan stadium, existing pilot taxes (which will be phased out in 2032), plus in the future- team rent at new stadium and future sales tax from development you mentioned. 

On day 1 of issuing bonds, there will be approximately $40mm per year collected for interest payments, and this grows each year as more hotels are built(The 1% hotel tax can only be implemented for a new stadium, FYI). 

The 1% hotel tax and in stadium ticket and sales taxes plus titans will cover the interest for metro’s debt, with funds being collected and ready day 1 of bond issuance. 

The stadium village was going to happen whether we did a new stadium or renovation, and I think is more for “activation of the stadium” than necessity or metro protection. The sales tax from surrounding development will add to collections for interest for sure, but metro could delay the stadium village and we still have sufficient collections. 

whatever the infrastructure costs to metro outside of the stadium will be less than the 50% sales tax + 100% real estate tax collections. 
 

as part of the new deal, the titans are also waiving $27mm in Nissan stadium repairs paid by titans and owed by metro and $30mm in remaining G.O. Debt on the existing stadium. 

Edited December 10, 2022 by nashvylle