Financing and Planning
A consortium of twelve banks was to fund $23 million of the cost of construction of the stadium. Another $17 million would come from tax-increment financing. The remaining portion of construction costs would have been assumed by Struever Bros. Eccles & Rouse, the primary developer, which was to purchase some of the land for residential development. Together, the financing assured that no public money would be used. First Tennessee Field itself was estimated to cost $43 million.
Initially, Nashville's mayor, Bill Purcell, refused to approve the deal unless taxpayers were at no risk, following the construction of LP Field and Bridgestone Arena in the mid-1990s. Both of those ventures, initiated by former mayor Phil Bredesen (who later held the office of Governor of Tennessee), proved to be very costly to Nashville taxpayers. First Tennessee Field was to cost the Metro government $500,000 per year in maintenance costs. At the time, Metro spent $250,000 per year on Greer Stadium, a cost that would be eliminated if Greer is ever demolished or sold. Purcell ultimately adopted the project, thanks to the involvement of the banks. First Tennessee Field was officially approved by the Metro Council on February 7, 2006. As part of the agreement, the facility would be managed by the Sounds, but owned by the Metro government.
Read more about this topic: First Tennessee Field
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