NASHVILLE – The Metro Sports Authority today issued $225 million in public facility revenue bonds for the construction of a Major League Soccer Stadium, fulfilling a Metro Council vote to fund a portion of the facility.
In 2017, Metro Council authorized (Substitute RS2017-910) the Sports Authority to finance up to $225 million for stadium construction. The total cost is projected to be $335 million.
Nashville Soccer Club will pay all other costs associated with building the stadium, including any new or increased project expenses.
The Metro Sports Authority will pay off the bonds over 30 years. The agency will lease the stadium to NSC for the same amount of time, using rent payments and revenues from ticket, merchandise, and concessions sales to make debt service payments on the bonds.
The Sports Authority will continue to own the facility after the debt is retired.
Today’s move fulfills Metro government’s portion of a public-private partnership to bring Major League Soccer (MLS) to Nashville.
In February, Mayor John Cooper and NSC reached an agreement, under which the team will pay up to $35 million toward lease payments. Before Mayor Cooper and NSC reached the agreement, those costs would have fallen on Nashville taxpayers.
In addition to saving $35 million over 10 years, Mayor Cooper secured an additional $19 million in taxpayer savings when NSC also agreed to pay for some infrastructure work on the stadium site.
“We are creating a space and an experience you will only be able to find in Nashville,” Mayor Cooper said. “Imagine a 30-thousand-seat stadium, sitting across from a historic speedway and adjacent to a fair park and Fairgrounds facilities.”
