Friday, October 6, 2017

Nashville MLS stadium plan raises questions over 10-acre private development



 
by Joey Garrison, USA Today Network - Tennessee - ......

Inclusion of development caught some council members off guard

Council members John Cooper, Jeremy Elrod and Davette Blalock each pressed the administration for more information about the development — and justification for it — during the mayor’s kick-off presentation of the project Monday. 

Its inclusion comes as Barry has received pushback over a similar concept: a proposal to contract a private development team to redevelop the Metro-owned Greer Stadium property into a mix of creative space, housing, retail and green space called Cloud Hill.

“I was surprised,” Elrod said. “I thought this was a soccer stadium deal — and then we’ve got a whole housing/private development component to a fairgrounds revitalization that I didn’t think would be coming.

“It’s to help them make this endeavor more profitable for them, and that’s giving me heartburn,” he added. “I thought we were building an MLS stadium out of wanting to a get a team here and not necessarily to help the team owners make more money.” 
.....
Under Barry’s stadium financing plan, Metro would issue up to $225 million in revenue bonds for the stadium and an additional $25 million in general obligation bonds for upgrades to the fairgrounds infrastructure, including streetscape work and new buildings to replace dilapidated structures that would be torn down. (link)

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