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A resolution approving a term sheet describing the terms and conditions of the agreements and transactions required to finance, construct, and operate a new, enclosed multi-purpose stadium on the East Bank, subject to the subsequent approval of final agreements, and authorizing the Metropolitan Government to pursue other matters related thereto.
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WHEREAS, the Sports Authority of the Metropolitan Government of Nashville and Davidson County (the "Authority"), owns approximately 105 acres of land on the East Bank (the "Campus"), on which is located a multi-purpose outdoor stadium currently known as Nissan Stadium (the "Existing Stadium"), which is owned by the Authority and leased to Cumberland Stadium, L.P., an affiliate of the National Football League's Tennessee Titans (the "Team") pursuant to that certain stadium lease agreement dated as of May 14, 1996, as amended, between the Authority, as lessor, and the Team, as lessee (the "Existing Lease"); and
WHEREAS, the Existing Lease requires the Authority and The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") to fund the costs of capital repairs and repairs to the Existing Stadium, as detailed in the Existing Lease, through the term of the Existing Lease, which may extend, at the option of the Team, through 2039; and
WHEREAS, the Metropolitan Government has commissioned a study to assess the current physical condition of the Existing Stadium and the range of costs that the Authority and the Metropolitan Government might be required to fund in order to remain in compliance with the terms of the Existing Lease, and that report estimates that such funding requirement has the potential to range from $1.75 to $1.95 billon; and
WHEREAS, the Existing Lease prohibits the development of the Campus, in order that the surface parking lots currently located thereon may continue to be utilized for parking for events at the Existing Stadium; and
WHEREAS, the Team has proposed t...
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