After briefly axing $500 million in bonds from the budget for the Tennessee Titans’ new stadium on Wednesday, lawmakers approved a budget with the funding in it on Thursday.
According to Adam Friedman and Melissa Brown of The Tennessean, who cite documents from Govenor Bill Lee’s office, the approved $500 million will cost taxpayers $710 million over 20 years.
The budget with the Titans’ stadium money included will now go to the Governor’s desk for a signature.
The remaining funds for the enclosed stadium, which is projected to cost anywhere from $1.9 to $2.2 billion and could be finished by 2026, will come from the team, Metro Nashville, and the NFL.
Titans ownership is expected to kick in about $700 million, and an increase to the hotel-motel tax is also being proposed to help pay for the stadium.
As far as what the NFL will contribute goes, it could be upwards of $200 million after the league approved that much to help fund the Buffalo Bills’ new stadium, which is expected to cost $1.4 billion.
On top of giving the Titans a new stadium, the hope is that the enclosed venue will allow Nashville to host bigger events that will bring in extra money, like the Super Bowl and Final Four, to name a few.
Earlier this month, the Titans revealed a conceptual design for the stadium, although it is not necessarily what the building will ultimately look like.
