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An ordinance declaring surplus certain real property and authorizing the Metropolitan Government's execution and delivery of a master development agreement and ground lease agreements related thereto, an amended and restated site coordination agreement, a campus operations and use agreement, a declaration, and other documents and agreements relating to the development of a portion of the east bank stadium campus (Proposal No. 2024M-009AG-001).
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WHEREAS, The Sports Authority of The Metropolitan Government of Nashville and Davidson County (the "Sports Authority") previously owned approximately 95 acres of land on the east bank of the Cumberland River in Nashville, Tennessee, as more particularly described in Exhibit A (the "Campus"), on which is located a multi-purpose outdoor stadium currently known as Nissan Stadium (the "Existing Stadium"), which is owned by the Sports Authority and leased to Cumberland Stadium, Inc., a Delaware corporation and the successor to Cumberland Stadium, L.P. ("Cumberland"), an affiliate of the National Football League's Tennessee Titans, operating as Tennessee Football, LLC (the "Team"), pursuant to that certain Stadium Lease, dated as of May 14, 1996, as amended, between the Sports Authority, as lessor, and Cumberland, as lessee (the "Existing Lease"); and
WHEREAS, the Metropolitan County Council (the "Metropolitan Council") of The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") enacted Metropolitan Council Ordinance BL2023-1741 on April 25, 2023, approving, among other things:
(i) the construction of a new enclosed stadium (the "New Stadium") by the Sports Authority on the Campus for use by Tennessee Stadium, LLC, an affiliate of the Team ("StadCo") and (ii) the demolition of the Existing Stadium; and
(ii) the acquisition by the Metropolitan Government of a fee simple interest in the land comprising the Campus, with the exception of site of the Existing Stadium; an...
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