The Nashville metro council voted 27-8-3 (presumably yeas, nays, and overtime nays) last night to approve the city’s term sheet with the Tennessee Titans to put more than $1.2 billion in public money into a new $2.1 billion stadium. It also voted 27-5-3 to approve a new 1% hotel tax surcharge to pay for $500 million of the city’s $760 million share.
The term sheet isn’t binding, but the lopsided vote in favor is a pretty good indication that the council’s initial qualms about whether it wouldn’t be cheaper to provide the renovations required in the Titans’ lease might not be cheaper have been resolved for most members and that this deal is extremely likely to go through. Some reactions:
- The Titans organization, in a press statement: “For several years now, we have been searching for a responsible and sustainable solution to a growing, unfunded taxpayer liability. We’re thankful for Council’s support in bringing us one step closer to removing taxpayer risk from the stadium forever while creating a long-lasting, transformational stadium that both entertains and serves its community year-round.”
- Mayor John Cooper: “I am proud of the transparency and robust community engagement throughout this process.”
- Councilmember Ginny Welsch: “This is just idiotic. … We shouldn’t walk off a cliff just because the administration wants us to.”
- Kennesaw State University economist J.C. Bradbury: “The terms sheet was passed with literally ZERO economists supporting it. Titans were given the opportunity to have an economic expert speak before the council, but they declined.”
- Bradbury, a minute later: “I mean, Vanderbilt is right there.”
This isn’t over — a lease and development agreement still have to be finalized, among other things — but it’s over in the same way that the Buffalo Bills owners are most definitely getting $1 billion in public money for a stadium even if all the t’s aren’t crossed yet. That makes two billion-dollar-plus NFL stadium subsidies approved in one year, which is probably appropriate in what’s become the year of the billion-dollar-plus corporate subsidy deal. I look forward to reading someone’s fly-on-the-wall recounting of how the vote wrangling for this one went down, if there are any journalists left with the time and inclination to tackle it.
“This isn’t over.”
No, it could get worse.
These stadium shenanigans just keep getting worse…..
Fantastic. So the solution to a ‘growing unfunded public liability’ – namely the cost to bribe the Titans to stay at their 20ish year old stadium – that could reach hundreds of millions is to spend $2bn+ to build them a new stadium (and then naturally tear down their old one at additional public cost).
Yeah. Is there some test for stupidity you have to fail before you can become an elected official in allegedly democratic nations?
Too bad Nashville can’t kick the Titans back to Houston.