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.
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.
Home Speaker Cameron Sexton, R-Crossville, stated current negotiations have the condition contributing $500 million in bonds, the Titans $700 million and the city $700 million. He additional that those quantities are only preliminary and there are nevertheless various hurdles.
Projections delivered by the staff and Gov. Bill Lee’s administration show the stadium costing amongst $1.9 billion and $2.2 billion.
The legislation, submitted below HB 681, is sponsored by Rep. Monthly bill Beck, D-Nashville, and Senate Minority Leader Jeff Yarbro, D-Nashville. The Property and Senate are envisioned to vote on the legislation later this 7 days.
Adam Friedman is The Tennessean’s condition authorities and politics reporter. Arrive at him by electronic mail at [email protected].
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