It was recently revealed that the Tennessee Titans tentatively have about $1.2 billion towards their new stadium, with a proposed $500 million coming from the state and another $700 million coming from ownership.
However, that amount alone won’t be enough to build an indoor stadium that could cost upwards of $2 billion or more, thus more funds are needed.
According to Nate Rau of Axios Nashville, a proposal to allow Nashville to increase the hotel-motel tax from six to seven percent is expected to be considered by state lawmakers soon.
At six percent, the tax generated $60 million in revenue the year before the pandemic, per Rau. A one-percent increase is expected to boost that number by $10 million.
This is good news for residents, as the plan would mean at least part of the money needed to close the gap to finance the new stadium would come on the backs of tourists and not those living in the area.
“When we learned of the roof opportunity, we polled hotel members (of the CVC) and said, ‘If we’re going to do this, it’s got to be visitor-funded,'” Nashville Convention and Visitors Corp. CEO Butch Spyridon said. “And the poll results came back unanimous.”
An indoor stadium wouldn’t just be a new home for the Titans, but also a venue that could hold bigger winter events, like the Super Bowl.
In fact, NFL spokesman Brian McCarthy stated last month that a new indoor stadium in Nashville would “greatly help” the city’s chances of hosting a Super Bowl down the road.
