New Tennessee Titans stadium gets the nod from Nashville Mayor with plans drawn up for swanky new $2.2 billion domed site

The Tennessee Titans have spent over two decades in their current home of Nissan Stadium but are now getting an upgrade. John Cooper, the mayor of the city of Nashville, approved plans for the franchise to build a new $2.2 billion stadium. The new stadium will be situated east of the Nissan Stadium.

It is expected that the NFL franchise will bring about $800 million in private revenue sources to the stadium deal. Government funding sources are already of public knowledge. They include the following:

• $500 million in bonds from the state of Tennessee
• A one percent tax on every hotel room rental in Davidson County (where Nashville is located)
• Sales taxes are collected inside the new facility
• Sales taxes are collected in the surrounding 130-acre campus.

The next step in the legislative process related to the term sheet will be in front of the Metro Council in the subsequent weeks. The council is also waiting on an expert's report, which will look at the financial obligations of the current Nissan Stadium lease.

A study paid for by the Titans earlier this year said that the current leasehold would cost Nashville $1.8 billion in the next 17 years. However, council members sought an independent expert to determine the projected cost.

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Significance of a new stadium for the Tennessee Titans and the history of Nissan Stadium

Tennessee running back Derrick Henry

The new stadium will anchor the Titans in Nashville and put them in a good position to host huge events. It is likely that the Super Bowl, college football playoff games and concert tours will be hosted at the stadium. Currently, none of those tourism draws are a reality at the Nissan Stadium.

The Titans played their first regular-season game at the stadium on Sept. 12, 1999. This was against the Cincinnati Bengals, just after the name change from the Oilers.

Nissan Stadium has hosted some amazing games, including the "Music City Miracle" that saw the Titans upset the Buffalo Bills in the 1999 playoffs. It also saw Derrick Henry go for 238 yards on the ground from 17 carries with four rushing touchdowns in the 2018 season.

All things considered, the new stadium will bring a lot to Nashville and haul the franchise into the 21st century. However, it cannot and will not replace the history and nostalgia of the Nissan Stadium.