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The Tennessee Titans are one step closer to getting a new home after Nashville mayor John Cooper agreed to a deal with the NFL team for a domed stadium.
The Titans’ new home will cost up to $2.2 billion and would be able to host events that aren’t possible at Nissan Stadium — like the Super Bowl, NFL combine, and the College Football Playoff National Championship.
- The project will receive $500 million from the state, a 1% tax on hotel rooms in the county, and sales taxes at the facility and on its 130-acre campus.
- The Titans, the NFL, and personal seat license sales will contribute $840 million.
- Metro Sports Authority-issued revenue bonds will supply the remaining $760 million, which are to be repaid.
The financing plan won’t need to be approved by voters — unlike Nissan Stadium 23 years ago — but the project needs to be approved by the Nashville Metro Council.
The Titans commissioned a study earlier this year that found its current lease would cost Nashville $1.8 billion in the next 17 years, but city council members are waiting on another consultant’s $200,000 report.
Forbes last valued the Titans at $3.5 billion.
Buffalo’s Bid
Tennessee isn’t the only NFL team working toward a new stadium.
The deadline for the Buffalo Bills to complete negotiations for a new $1.4 billion stadium has been pushed back for the second time — until at least December.
The move will give New York time to finish an environmental impact study.
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