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A resolution requesting that the Metropolitan Government of Nashville and Davidson County
decline $50 million of the proceeds of the State Bonds if the State of Tennessee will agree to use such
declined funds to provide adequate and appropriate facilities for children in the custody of the Tennessee Department of Children's Services.
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WHEREAS, there is a non-binding term sheet (the "Non-Binding Term Sheet"), attached as Exhibit A to Resolution No. RS2022-1827, for a new $2.1 billion enclosed football stadium, wherein the financing plan requires the Tennessee Titans to provide $840
million, the State of Tennessee to provide the proceeds of
$500
million of state general obligation bonds (the "State Bonds"), and the Metropolitan Government, through its Sports Authority, to provide the proceeds of $760
million of revenue bonds (the "Metro Bonds"); and
WHEREAS, the Metropolitan Mayor's message to the public is that this financing arrangement, including the issuance of $760
million of Metro Bonds, will help Nashville's "general taxpayers" by getting them "off the hook" for the costs of football stadium maintenance and improvements; and
WHEREAS, The Tennessean similarly reported on December 1, 2022, that the Metropolitan Mayor and the Titans have proposed terms that "allow for a new financing system that takes county taxpayers off the hook for future maintenance costs;" and
WHEREAS, in a press release from the Mayor's Office dated October 17, 2022, the Metropolitan Mayor claimed that the proposal "for a new enclosed stadium...would relieve a nearly $2 billion burden on Nashville taxpayers by voiding the current lease agreement;" and
WHEREAS, in the October 17, 2022, press release, the Metropolitan Mayor stated that the Metro Bonds will be "paid for by...tourists and spending around the stadium -- not by your family;" and
WHEREAS, in an October 26, 2022, presentation by the Mayor's Office to the Metropolitan Council's East Bank Stadium Committee,...
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