A new bill proposed in the Tennessee State Legislature would create an oversight authority called the East Bank Development Authority, aimed at promoting economic development in Nashville’s East Bank area. This area is set to be the site of the new Titans stadium and Tennessee Performing Arts Center as part of a massive redevelopment plan initiated by former Mayor John Cooper.
The controversial deal for the new Titans stadium includes $840 million in funding from the team, $500 million from the state, and $760 million in revenue bonds issued by the Metro Sports Authority. The board of directors for the new Authority would have various powers, including approving future projects, managing properties, and overseeing divisions within the Authority.
The board would consist of seven members with diverse backgrounds and skills, five appointed by Mayor Freddie O’Connell and two appointed by the Metro Council. Meetings would be held quarterly, with the option for additional meetings if needed. The bill must also be approved by a two-thirds majority of the Metro Council.
Both versions of the bill are still under review in committee, with Sen. Charlane Oliver’s bill scheduled to be heard by the Senate Finance, Ways, and Means Committee on April 9. Rep. Bob Freeman’s House bill was sent back to the Local Government Committee after initially being brought to the Committee for Calendar and Rules. There is no set date for when it will be heard in the Local Government Committee at this time.
Source
Photo credit www.wkrn.com