Plan for more than $25M in LP Field upgrades nears final vote

Monday, December 5, 2011 at 6:27pm

The Tennessee Titans’ plan for more than $25 million in upgrades to LP Field is nearing final approval after the Metro Council’s Budget and Finance Committee unanimously voted for the proposal’s bond issuance on Monday.

The vote came after no discussion.

The resolution –– which authorizes the issuance of $28 million in public improvement revenue bonds through 2037 –– heads to the Metro Sports Authority Tuesday morning and the full council Tuesday night. By rule, the committee’s vote recommends the council approve the resolution.

Under the Titans’ proposal, revenues collected through a $2 user fee, which is already tacked on to ticket prices to LP Field events, would cover the bonds’ debt service. A companion bill also set for final consideration Tuesday would increase the user fee to $3.

Metro pays an annual $1 million subsidy for the capital improvements of 12-year-old LP Field. The Titans are tasked with overseeing the daily operations of the stadium, but Metro is responsible for its long-term capital needs.

The Titans management is looking to replace LP Field’s scoreboards with new High Definition video screens, update the facility’s sound system and install elevators, among other enhancements.

If approved, construction would begin in February 2012, and be completed prior to the 2012 National Football League season.

55 Comments on this post:

By: MusicCity615 on 12/6/11 at 4:53

Show me where it was a surplus??

bfra- take your medicine.

By: bfra on 12/6/11 at 5:20

MusicCity615 - Isn't it about time for you to get off of work? Watch those red lights on the way home!

By: MusicCity615 on 12/6/11 at 5:24

what does that even mean? Was that supposed to be an insult?

By: Loner on 12/7/11 at 1:11

Congrats, Bfra; you won the 4:20 Award!

Nemo is right, attendance means nothing, if the place cannot support itself without taxpayer assistance.

They got the team's name right, the Predators are preying on the taxpayers.

As for the titanic Titans; if that ship goes down, you'll be lucky to be adrift in a sea of red ink....but the Titans are unsinkable...no discussion...unanimous and hasty votes....smug certitude.

By the time you and/or your kids pay off the long term debts, LP Field will already be buried in some landfill....they don't build them like they used to.

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