Metro councilmembers get their first glimpse at terms of proposed Titans stadium

The Tennessee Titans and Nashville’s mayor want the NFL team to start playing in a new $2.1 billion domed stadium by 2026.

But first, they need the blessing of the Metro Council, which controls the city’s purse. The Metro Council East Bank committee is reviewing the financial details that the public got a first peak of last week.

The term sheet is the outline of the deal and includes details on design, construction, funding, and what will happen to the current site.

Although it feels to some councilmembers like it’s a done deal — the Titans released images this week of what the domed stadium would look like and the state has already pledged up $500 million — It isn’t until the council votes that momentum will really pick up. That’s also when firmer numbers can get plugged into spreadsheets.

The city’s Finance Director Kelly Flannery underlined the urgency at a committee hearing on Wednesday.

“If you guys are a no, I think you guys owe them an answer of ‘we’re a no on these funding sources.’ And we can revert and see if there are other options,” she said. “Spoiler alert, I don’t have any other options. These revenues are dedicated to the construction of a new facility. Some of them specific to a new domed facility.”

Councilmember Bob Mendes cautioned against moving too fast.

“I legitimately struggle with, if the term sheet says on its face it’s only for the purpose of facilitating discussion and any money spent is completely the other party’s risk, it seems like our approval from the council should be just as nonbinding and general as the term sheet,” said Mendes.

Flannery says Metro wouldn’t be liable if the council changed its mind, but that the timeline is important to open on schedule and for the Titans to lock in construction costs.

But some councilmembers, like Courtney Johnston, want more detail of what it would look like to renovate Nissan Stadium. A detailed report from Venue Solutions Group is anticipated by the end of October.

The Metro Council will consider the term sheet during next Tuesday’s meeting. The body likely won’t vote on any terms before December, allowing more time for a 1 percent hotel tax to kick in to offset funding.