Tuesday, January 28, 2020

As Mayor Cooper says MLS stadium infrastructure costs are 'doubling,' the path forward remains unclear

The Tennessean, ...   Speaking at the Nashville Business Breakfast last month, Cooper said fairgrounds projects cost around $43 million, not the slated $25 million. In October, Cooper told WSMV that the city has already spent the $50 million approved for both fairground upgrades and stadium infrastructure.

“We have spent close to our $50 million already on the buildings, and that is before our infrastructure obligations to prepare for the stadium,” the mayor said.

Under the approved project plan, the city would pay $225 million in revenue bonds for the 30,500-seat stadium while the team would chip in an initial $25 million capital contribution. The team has committed to cover all stadium overrun costs, and separately is tasked with covering a $150 million expansion fee with MLS.

....If sales and $1.75 ticket tax revenues fall below $4 million for the first five years of operation, or $3 million in years six through 10, Metro would be on the hook to make up the different from non-tax revenue sources. (link)

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