Major League Soccer has expansion plans for two new clubs in 2020, and Nashville is vying for a team to call its own with the unveiling of a private-public funding plan for a new professional stadium to be built on the city's fairgrounds site.
Nashville Mayor Megan Barry presented her administration's proposal to fund a new 27,500 seat soccer stadium that is estimated to cost $250 million.
The Tennessean reports the proposal calls for the Metro Council to issue $25 million in revenue bonds and borrow $25 million through general obligation bonds to make infrastructure improvements at the fairgrounds property. Metro would also contribute the land. The Ingram-led investor group would commit to a $25 million cash payment for the project. The city owns the land where the stadium would be built and will donate it to the project.
If the council approves, the stadium would be ready for the 2021 MLS season.