Nashville hotel tax increase for new Titans stadium clears committee

Nashville’s potential to elevate its hotel-motel tax to spend for a new NFL stadium cleared a major hurdle after passing the Senate finance committee Tuesday.

The invoice would give the Metro Nashville Metropolis Council the skill to raise its hotel-motel tax by 1%. A 1% raise could generate an supplemental $10 million per calendar year to fork out for debt on a new enclosed Tennessee Titans stadium. 

Nashville Conference and Visitors Corp. CEO Butch Spyridon reported the volume could be closer to $20 million for each calendar year if the city’s tourism quantities carry on at a prior speed.

Previous week, lawmakers authorized $500 million in bonds if the Tennessee Titans and Metro Nashville can achieve an arrangement to build the staff an enclosed stadium. 

A draft conceptual design of a new, roofed Nashville NFL stadium for the Tennessee Titans and other big events.

Extra:Exclusive: New Nashville NFL stadium could exceed $2B and be prepared by 2026

Extra:Funding for a new Tennessee Titans stadium? It truly is back again with lawmakers giving final approval

The stadium funding is contingent on its final style and design, together with a roof, which would open up the probability of the city internet hosting Tremendous Bowls, NCAA Final Fours video games and other key indoor gatherings.