Titans, mayor agree to terms on new stadium

Mayor John Cooper and Tennessee Titans leadership on Monday announced they have agreed to terms on the financing package for a new domed stadium they hope to have constructed on the East Bank adjacent to Nissan Stadium.

Negotiations have been ongoing for months, and the Metro Council still must approve the deal and other aspects of a new stadium’s construction. According to the announcement, the Titans and the NFL will put up $840 million for the project, with $500 million from the state and $760 million in Metro revenue bonds contributing to a project that is expected to carry a price tag of more than $2 billion. The Metro portion would be made up of a new 1 percent hotel room sales tax and a sales tax redirect for transactions conducted in the stadium and on a 130-acre tract surrounding it.