State lawmakers approve $500M in bonds for new Titans stadium
drawn-out negotiations, the Senate and House passed a state budget Thursday that will include $500 million in bonds for a new Tennessee Titans Stadium in Nashville.
The Titans are looking to build a new enclosed stadium costing between $1.9 billion and $2.2 billion, according to early projections.
The state will provide $500 million of the funding through a bond estimated to cost taxpayers $710 million over 20 years, according to documents from Gov. Bill Lee’s administration. The rest of the funding is expected to come from the Titans, Metro Nashville and the NFL.
The money’s final approval was in doubt after the Senate removed the funding from its budget on Wednesday.
Some conservative groups, like the Beacon Center of Tennessee, have opposed the stadium money as a government handout to billionaires.
There were lengthy debates in the House and Senate over the Titans, with many Republicans located in communities outside Nashville opposing the funds.
But leadership in both chambers supported the funding.
“When you decide to do a dome type of facility, all of a sudden we go from a football dominated venue to an entertainment dominated venue,” said House Speaker Cameron Sexton, Rcrossville. “It only multiplies who it can bring in and what it can do.”
The House passed the Titans funding by a 71-19 vote, with three present members not voting. The Senate passed the funding in an 18-13 vote.
“The Senate was always uncomfortable with the Titans bond authorization,” Lt. Gov. Randy Mcnally, R-oak Ridge, said.
“That was clear both on the floor and in committee. But ultimately, with a $52 billion budget you cannot let the perfect be the enemy of the good. The budget funds the critical priorities of both the administration and the legislature. It provides tax relief as well as increases the rainy fund to historic levels. It is a budget all Tennesseans can be proud of.”
Flood plain school funding, motor vehicle tax among several cuts
Overall, lawmakers approved a $52.8 billion budget but made several cuts to Lee’s proposals.
The House and Senate removed $200 million meant for relocating schools located in floods plains and added $200 million to the state rainy day fund.
“It takes irony to a whole other level to take $200 million that was going to go to rebuild schools and floodplains and to put those dollars into the rainy day fund,” said Senate Minority Leader Jeff Yarbro, D-nashville.
“If your school is in a floodplain, you need to spend the money before the rainy day.”
Lee proposed the flood plain relocaafter tion plan during his State of the State address after a flood destroyed two schools in Waverly last August.
House Majority Leader William Lamberth, R-portland, said lawmakers removed the funding because they couldn’t get an accurate list of the schools that would need to move.
“We will continue to work with TEMA and other organizations,” Lamberth said.
Lawmakers also passed $300 million in tax cuts, including a 30-day pause on the grocery tax later, a cut to the professional privilege tax for doctors and a one-year cut to the $35 license plate registration fee.
The budget now heads to Lee’s desk for a signature
Adam Friedman is The Tennessean’s state government and politics reporter. Reach him by email at afriedman@ tennessean.com.
Contact Melissa Brown mabrown@tennessean.com. at