Tennessee Gov. Bill Lee (R) is requesting approval from the state legislature for $500 million in bonds for a new stadium for the Tennessee Titans.
Sources told Axios that the National Football League franchise and the city would need to agree to a broader financing package to receive the funding, which also must be enclosed.
“Well, we are always interested in investments that will create economic activity in the state. We’ve met with the Titans and expressed our interest to be a part of the solution,” Lee said, according to WZTVa local Fox affiliate.
Earlier this year, the Titans had said that upgrading the current Nissan Stadium would be more costly than building a new stadium entirely, which likely boasts a price tag of around $2 billion, Axios reported.
City leaders have said they hope the new stadium would be completed by 2026, WZTV reported.
The Hill has reached out to Lee for comment.
Other NFL teams made news this week with New York Gov. Kathy HochulKathy HochulHochul commits 0M in taxpayer funds for new Buffalo Bills stadium Hochul leads Cuomo by 8 points in hypothetical match-up: poll New York Lt. Gov. Benjamin under investigation over fraudulent donations MORE (D) announcing on Monday the largest ever taxpayer contribution to an NFL stadium with a $850 million public contribution to a new stadium for the Buffalo Bills.
That funding includes $600 million from the state budget, and $250 million from Erie County.
“I went into these negotiations trying to answer three questions – how long can we keep the Bills in Buffalo, how can we make sure this project benefits the hard-working men and women of Western New York and how can we get the best deal for taxpayers?” Hochul said in a statement announcing the plan.
Other notable stadiums have made use of public funds in the past, including Nevada’s Allegiant Stadium, which was constructed with $750 million in public funds, and the US Bank Stadium in Minneapolis that used $498 million in public funds.