The Deal of the Decade

 

There is a Metro Council Meeting tonight at 6:30 pm. An agenda has been provided and you can watch the meeting live via channel 3 or stream live on your electronic devices. Also, please do not respond to this email... You can reach me at [email protected].

Housekeeping Items:

Before we get started, I wanted share a few housekeeping notes.

  1. Many of you have asked for me to send these emails earlier. This is exciting because I know you are looking forward to these notes and are actually reading them. Sometimes I fear I'm talking to myself. However, thank you for that feedback. I generally write these emails in phases with the time that I have scheduled between my professional job, city council, and family, This is the time that I found best for my schedule and will continue sending them at this time. If you would like to receive the agenda earlier you can follow this link to sign up for a Legistar account and an email of the agenda will be sent to you promptly each Thursday before council meetings.
  2. I have heard from some of you regarding response of emails. When asked what email you are using, I've heard on numerous occasions that you are simply replying directly to this email. Please remember, as I write in the opening paragraph, please do not respond to this email... You can reach me at [email protected]. This email goes into somewhat of a dark hole and I do not see any responses from it.
  3. If you find these emails as spam or overtaking your inbox, I ask you to not unsubscribe, just delete. If you unsubscribe the system will not allow for you or me to add you back due to spam laws. If that happens, you may miss important information or meetings that can directly impact your neighborhood. This is helpful for me to communicate on a broad range with multiple neighbors.
  4. If you are always the neighbor everyone is calling to get information from, please share this email and tell them to sign up for my newsletter as well. They can sign up at www.votebrandontaylor.com. Please help me keep everyone in the know!

Happy Holidays!

Wishing you a bright Holiday Season and that Santa brings you all that you've asked for.

Tonight is the last meeting of the year, I am indeed grateful, I have some much needed gift shopping to start and complete with only a few days left. It seems like we took this year to the wire, and in many ways we have. For instance, we will be voting on a non-binding term sheet regarding the Tennessee Titans stadium tonight (just days before Christmas Eve).

RS2022-1827 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.

There are several amendments to this item, you can click here to view them.

This resolution will be the guiding document for the city, state, and Titans to come to terms on a new stadium or keep and renovate the current stadium. There a few knowns and unknowns about the stadium deal. The known is that the city will use revenue bonds to pay $760 million for our proposed portion of the stadium. Also, the Titans have proposed to pay $840 million and any additional cost to construct the stadium. The state legislature has committed $500 Million of state revenue tax dollars for a total of $2.1 Billion to build the stadium. These dollars are to build the stadium, not the surrounding East Bank neighborhood, which is the proposed revenue base of where the city's $760 million in tax revenue would come from. 50% of the tax revenue will go to the state and the other 50% of the tax revenue will pay for the construction of the stadium. As for any overages or surplus dollars that may happen with the overwhelming growth of this area, those dollars will be used to capture any new updates, upgrades for the stadium to quote from the mayor's office "Keep up with the Jones'" and will not be able to flow back into all of the communities throughout Davidson County. 

Another known is that we are currently on the hook for $60 million that the city owes the Titans for previous stadium upgrades. See, the current contract drawn up in 1996 required that Nashville pay for any updates to keep the stadium in a "First Class" condition. This is where it gets hairy. In comparison to other stadiums, Nissan Stadium is out of date and not following the current binding contract to have a "First Class" stadium. Therefore, the Titans are reviewing terms that will get us to that "First Class." These cost has seemingly reached $945 million with the current $60 million added into this total. The city is essentially on the hook for this cost and we are now seeing if a new stadium would lessen the cost and be more beneficial to tax payers.

The unknowns are how much will it cost metro to build, construct and maintain the new East Bank neighborhood infrastructure. We also are not sure where those dollars would come from. As I mentioned, 100% of the state tax revenue is claimed, 50% to the state and 50% to the stadium. This leaves no additional room for the out of town visitors to pay for other items that will go into this area. However, someone has to pay. The private developers will pay for their buildings and any additional items that are required by metro code, but there may be other costs that haven't been communicated or are unforeseen that we as a city will take on within the current deal.

I find this being one of the toughest decisions we've made this term. There are definitely a lot of questions unanswered which has me a bit weary to be making this decision now. However, the mayor's office and the Titans would like to keep this moving and are not willing to entertain a deferral of any kind. I personally wish we had more time to discuss this with you. You have been asking questions and we have been trying to get as many answers as fast as possible, but again, there remain several unanswered questions. 

Some outstanding questions have been answered over that last week or so. There is an East Bank/Stadium website that shares all the information discussed during this process. Feel free to review any information. Please click here to view the website.

What's Happening tonight: 

Investments in North Nashville

RS2022-1899 A resolution approving a settlement agreement between the Metropolitan Government and Meharry Medical College with respect to claims arising under a lease agreement for the land and improvements used in the operation of Nashville General Hospital and related matters.

RS2022-1903 A resolution appropriating $5,110,000 in American Rescue Plan Act funds from Fund #30216 to Metro General Services for renovations to the McGruder Family Resource Center.

RS2022-1905 - A resolution appropriating $10,000,000 in American Rescue Plan Act funds from Fund #30216 to Fisk University for the renovation and upgrading of Burrus Hall in a public/private partnership with Metro Government to establish a small business entrepreneurship and innovation facility in North Nashville.

Titans Stadium Hotel Tax

BL2022-1529 - An ordinance amending Chapter 5.12 of the Metropolitan Code of Laws pursuant to Tenn. Code Ann. ? 67-4-1415 by increasing the hotel occupancy privilege tax in the amount of one percent and directing the proceeds be used for the construction of and future capital improvements to a new enclosed stadium

Dates to Remember

Happy Holidays! I will not be available via text, phone, email, or in-person meeting until January 12. If you need anything or have an emergency please dial 9-1-1. I'm looking forward to spending this Holiday Season solely with my family.

Lets Connect:

I invite all District 21 residents to reach out to me directly with any information or concerns in our community. Email is the best form of communication, but invite you to call me as well. My contact information is below.

Contact information: Email - [email protected] / Phone: 615.946.9700

Best regards,

Brandon

 

 

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