Metro councilmembers want to better manage Nashville’s growth.
So they’re heavily weighing whether the city needs a $2.1 billion enclosed Titans stadium, or if the city should just renovate Nissan Stadium. This month, councilmembers heard two different analyses on the economic impact of the former option.
Nashville’s tourism leader, Butch Spyridon, is dangling hopes of securing WrestleMania, the Super Bowl or the FIFA World Cup, if the council approves an enclosed stadium.
While making his case, Spyridon describes how investing in sports has helped the city attract more business.
“We believe the opportunities of a new stadium will import more sales tax revenue to help fund city services and drive property tax and hotel tax,” he says.
One way the city will pay for the enclosed stadium is through sales tax collected from the campus, so that money will only go toward the bill for the stadium.
But Kennesaw State University Economics professor J.C Bradbury says that plan takes money from the pot that funds city services.
“People who are spending money within that stadium district were otherwise spending their money at restaurants and bars outside the stadium district,” he explains. “Where that money was collected to fund Metro services, public works, and now that money is being spent within that district.”
Bradbury says Nashville would be fronting the money for a project that often doesn’t add much to the economy.
The city has started working to create a new downtown neighborhood surrounding the Titans stadium. During Spyridon’s presentation, he mentioned that the city could implement rules to ensure it’s distinct from Lower Broadway.
The East Bank committee will host its first community meeting on Nov. 21 at 6 p.m. at East Nashville Magnet High School. Across town, the city is considering a new deal for the speedway racetrack. A public comment session originally scheduled for Nov. 21 as well has been postponed, so the two events don’t conflict.
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