As expected, the Nashville Metro Council voted yesterday to approve $225 million worth of public bonds for a new soccer stadium for a proposed MLS expansion team, in a deal that will ultimately cost taxpayers at least $75 million, plus free land:
The financing overcame criticism over a part of the deal to give the Ingram-led ownership group 10 additional acres of city-owned fairgrounds land for a future private development next to the stadium.
Ingram, along with minority owners Steve and Jay Turner of MarketStreet Enterprises, has planned a mixed-use development with affordable and market-rate housing, retail, restaurants, a hotel and office space that he says is “essential” to the fan experience and the overall deal. Skeptics have slammed it as a “giveaway” to wealthy developers — on top of eight acres of fairgrounds land needed for stadium’s footprint.
“We’re giving away tens of millions of dollars worth of land to billionaires,” [councilmember Dave] Rosenberg said.
The Tennessean speculates that this could make Nashville, along with Sacramento, one of the frontrunners for an expansion franchise award in December, which, sure, maybe? It’s all the same to MLS where its $150 million expansion fee checks are coming from, so might as well reward the cities that provided public subsidies for the league’s prospective owners.
And also as expected, the developers of a proposed Virginia Beach arena couldn’t get their acts together by last night’s deadline to provide a financing plan for the project, even though more than 90% of the costs would be repaid by public subsidies. Or, at least, they claimed they’d gotten their acts together, but provided no concrete evidence of said acts:
Just hours before that deadline they stood before city council and said it was a done deal.
“We have JP Morgan, the United States largest bank, that is ready, able and willing to close this evening with direction from the city,” said Andrea Kilmer with Mid-Atlantic Arena. “We are ready to spend over $250 million dollars dollars in this city.”
However, city council did not believe the developer was ready.
“I would say that the city would disagree with what she represented to you,” said Mayor William Sessons.
Sessoms, however, said he was still open to the idea of a new arena, and even to working with these developers, so the deadline was apparently a bit of an abstraction? At this point, I’m never willing to call an arena plan dead until I see the wooden stake protruding from its chest.