Jenny Hill: "Are Taxpayers Getting A Better Deal Or Just A Different Deal?"

  • Tuesday, January 30, 2024
Jenny Hill
Jenny Hill

City Council Vice Chair Jenny Hill, saying she was taken aback by details of the latest stadium deal, asked, "Are taxpayers getting a better deal or are taxpayers just getting a different deal?"

She added, "Are we giving skin away to get skin somewhere else?"

Mark Manantov, bond counsel for the project at the Wheland/U.S. Pipe site, said he believes it is "a slightly better deal than 18 months ago. Is it earthshaking? No."

Mayor Tim Kelly put in a rare City Council appearance and at one point said, "Some of this is frankly optical."

Earlier, he called it "a great deal for us and the taxpayers. I am absolutely staking my office and my reputation on it."

He said it would enliven "a district that has been bereft of economic opportunity for as long as any of us are alive. This project will transform the Southside aesthetically and economically."

Vice Chair Hill said she could see amazing development possibilities at the long blighted industrial site with a stadium anchor.

But she said the deal had been touted as the Lookouts and the property owner, Perimeter Properties, assuming $8 million of the projected $40 million cost overage.

At the meeting, she said it was stated that if the stadium cost comes in at $115 million their contribution would be limited to $3 million - the amount above the $112 taxpayer contributions from a Tax Increment Financing (TIF) District.

It was also stated that the Lookouts would provide $250,000 to the Sports Authority from parking revenue. However, the Sports Authority would agree to pay up to $250,000 to the Lookouts toward utilities.

Attorney Manantov said utilities might not reach the $250,000 amount. He said they run $180,000 at AT&T Field, and the lights at the new stadium would be much more efficient.

Vice Chair Hill said, "We are getting $250,000 from parking, but, by the way, you will be paying $250,000 for utilities."

She said it was liking rolling shells around with balls under them, "and you can't tell which one is better."

She asked the bond counsel, "Where's the ball, Man?"

Attorney Mamantov said there were still no final figures on the stadium cost and that would not be known until mid-March. He said he believed it would be around $115 million, but it could be as high as $120 million.

Andy Stone of Perimeter Properties said the Younger analysis of the project did not take into effect numerous developments that are planned or are underway in the TIF district.

He said Nashville developers have bought two acres at the site and plan to purchase nine more for $170 million in development, but it is contingent on the stadium going forward.

Jermaine Freeman of the mayor's office said the city plans to put $10 million into infrastructure at the site, including extending East 26th Street. He said new sales and property tax revenues near the stadium would easily cover that investment.

A similar presentation will be given Wednesday to the County Commission, where County Mayor Wamp this week called it a "boondoggle."

The City Council and County Commission will be asked to approve the new deal next week.

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