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.