Report: New financing details emerge for Titans domed stadium in Nashville
New details emerged on Wednesday regarding financing plans for a new multi-purpose domed stadium in Nashville that will serve as the new home of the Tennessee Titans. Axios reported that state lawmakers are expected to discuss legislation that will allow Nashville to increase the city's hotel-motel tax. The extra revenue generated would go toward the […]
New details emerged on Wednesday regarding financing plans for a new multi-purpose domed stadium in Nashville that will serve as the new home of the Tennessee Titans.
Axios reported that state lawmakers are expected to discuss legislation that will allow Nashville to increase the city's hotel-motel tax. The extra revenue generated would go toward the new stadium.
The current tax is 6%. If the proposal is approved, the tax would increase to 7%.
According to Axios, the 1% increase would generate around $10 million in revenue annually (with that number increasing to approximately $17 million to $20 million with new hotel rooms and more events).
Tennessee Governor Bill Lee recently proposed $500 million in state funds in his budget to help pay for the stadium.
Additionally, Speaker of the House Cameron Sexton said in an interview earlier this month that the Titans' ownership is willing to spend $700 million toward a new stadium.
A new domed stadium is expected to cost around $2 billion.
As Axios pointed out, this new hotel-motel tax increase would generate revenue from tourists more so than residents of Nashville.
Featured image via Kirby Lee-USA TODAY Sports
