Tennessee Gov. Bill Lee plans to propose $500 million in bonds in the state budget to help fund a new covered Tennessee Titans stadium envisioned for Nashville, two sources confirmed to The Associated Press.
The two people are familiar with the details of the governor’s funding amendment and spoke to the AP on the condition of anonymity because the governor’s budget amendment has not been released. It’s scheduled for a public discussion Tuesday in front of Tennessee lawmakers, who would also need to approve of the plan to authorize state bonds.
The funding would fill in one piece of the puzzle for the Titans, who have gone from trying to modernize the existing Nissan Stadium to working on plans for a new stadium right next door after renovation costs more than doubled to $1.2 billion. Nashville Mayor John Cooper has lowered expectations about any potential funding from the metro government, saying earlier this month that “fundamentally, the city is not in the entertainment or stadium business itself.”
The sources mentioned that the new stadium plans would include some kind of roof, with one source saying the funding would be contingent on the stadium being enclosed. A covered stadium, whether it’s a fixed or retractable roof, could help Nashville compete for the biggest events in or outside of sports, from the Super Bowl to NCAA basketball Final Four. Axios Nashville first reported on the governor’s proposed funding for the new stadium.
