The Mayor’s office hasn’t filed a financing package for Nashville’s new downtown convention center with the Metro Council, which will have to sign off on the deal. Some council members are concerned whether there’s enough money for the convention center itself, let alone a hotel.
Council Lady Emily Evans, an expert on municipal bonds, says financing the debt service on big projects is getting more expensive.
“The revenues are pretty decent. It’s the change in the debt market and the cost of the debt that’s associated with building a convention center. That has changed dramatically in the last couple of years.”
A number of tourism taxes have been levied to pay for the construction of the project.
Councilman Eric Crafton has tried several times to pass some sort of bill or resolution that will keep property taxes from being used to pay for the nearly $1 billion project. The Mayor’s office has opposed those initiatives and they haven’t passed.
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