(The Center Square) – The Nashville Fairgrounds Speedway construction still has no final price tag but legislation filed for a first reading from Nashville’s Metropolitan Council potentially on July 6 shows $120 million in public funding could be used for the project.
That plan already includes $34 million, split evenly between the state of Tennessee and a hotel tax fund from Nashville’s Convention and Visitors Corporation, while the documents filed with Metro Council indicate that $86 million in Nashville Sports Authority bonds will be used for the project.
It will cost an estimated $177.5 million to pay off the bonds over the 30-year lease at a 5.31% interest rate – with $6 million to $7 million in annual debt service – using a tax capture that includes ticket tax, rent from Bristol Motor Speedway, a sales tax capture, 5% revenue share, an annual $650,000 payment from the CVC and revenue from advertising and sponsors.
