Nashville is expected to approve steep public subsidies for a new $2.1 billion stadium for the Titans. It would be the biggest sports subsidy in U.S. history by nearly 50 percent. But outside of California, this appears to be the new norm.
teams built or renovated 24 venues worth $22.5 billion, of which 31 percent came from public funding, down from 68 percent in the previous 17 years, according to research from Victor Matheson, an economist at the College of Holy Cross.
In the case of Tennessee, the city and state contend developing dozens of acres of adjacent real estate to Nissan Stadium will generate tax revenue to pay for the bonds. Economists like Bradbury argue all the new development does is shift spending around; if city residents are going to dine out near the stadium, that’s money not spent elsewhere. It’s an old argument that goes around in circles with the two sides.
“It is vastly in excess of anything the city would be required to do under the existing lease,” said Bob Mendes, a council member at large and a leading opponent of the public funding. “And the fact of the matter is the mayor’s office has never priced out what it would cost to adhere to the minimum standards.”Mendes is resigned to the bill passing, noting under the city’s rules, the funding needs to pass three times, with a public hearing preceding the third vote if the first two pass.
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