Governor Bill Lee will propose $500 million in bonds towards a new stadium for the Tennessee Titans, according to a report from Axios Nashville’s Nate Rau.
Per the report, the money would cover just a percentage of the funds needed to build the new venue, which could reach upwards of $2 billion.
The proposal is reportedly contingent on a few things: the team and the city must agree on a “broader financing package,” and the stadium must be an enclosed building.
An indoor stadium would allow for the city to host other major events on top of just Titans games, which could include the Super Bowl, the Final Four, the College Football Playoffs, and winter concerts.
The new stadium would be the centerpiece of a bigger development plan for the area. As of right now, the plan is for the stadium to stand to the east of Nissan Stadium and closer to the interstate.
The Titans and the city of Nashville originally planned to renovate Nissan Stadium, but after costs were estimated to be higher (about double) than previously thought, building a new stadium became the more feasible approach.
Earlier this month, Titans president Burke Nihill noted that the team is moving to build a new stadium “wisely but with a sense of urgency.”
