NASHVILLE, TN — This week history was made as Metropolitan Sports Authority Chair Cathy Bender signed off on one of the largest bond deals ever issued by the city of Nashville.
The Sports Authority approved the issuance of $760 million in revenue bonds to offset contributions by the NFL, the TN Titans, and the state of Tennessee toward funding expenses of the new Titans stadium.
Chairwoman Bender was also a signer on the initial stadium bond deal while serving as secretary of the authority. As the most tenured member of the authority, she is the first black woman to lead the 13 member board.
Cathy’s career spans 35 year in the financial industry where she is a First Vice President and a Senior Financial Advisor at Merrill Lynch Wealth Management. Her path Is riddled with a series of firsts from being the first black female to receive a full athletic scholarship to Vanderbilt University for women’s basketball to being the first in her family to graduate from college. Her commitment to serving her community is evidenced as she continues to blaze a trail for others.
The Titans and the NFL would contribute $840 million in private financing to the new stadium’s construction. The state of Tennessee would contribute $500 million in bonds, and Nashville would shoulder $760 million in revenue bonds to be paid using diverted sales taxes from transactions in and around the new stadium. The council and state previously authorized a 1% hotel tax increase to help pay for the facility, which is expected to bring in more than $10 million annually and will go into effect if and when the finalized deal receives council approval.
