Report: Titans, Nashville Mayor Agree on New Domed Stadium That Will Cost Up to $2.2B

Nashville Mayor John Cooper and the TennesseeTitans reached an agreement on funding for a new stadium.

A formal announcement could be made as soon as Monday, according to a report by a journalist. A 1 percent tax on hotel rentals in Davidson County, as well as additional sales taxes at the stadium and its surrounding businesses, will help finance the stadium.

Nissan Stadium is one of the worst stadiums in the league. Nissan Stadium needs to be renovated by the end of the current lease in 2039, according to the team.

Jackie DelPilar FOX17 @jsdelpilar

The Titans CEO says years of neglect at Nissan Stadium has put it in serious disrepair. He says it's now known as one of the worst stadiums in the NFL. Titans estimate it would cost $1.8 billion to bring the stadium up to standard with the city's lease thru 2039. @FOXNashville pic.twitter.com/lsB9oNXvmi

The agreement between the team and the mayor doesn't mean that the new stadium will be ready soon. The project will need approval from Nashville's Metro Council in order to move forward.

With 17 years left on the Nissan Stadium lease, it's possible the Metro Council drags its feet on approval in order to lower the cost for the state. Nashville does not have a lot of power to force the approval of the stadium they want.

The recent trend of domed stadiums in the National Football League would continue if the modernized stadium is approved. Levi's Stadium was the last of the new stadiums to not have a retractable roof. Nine of the last 20 years have seen the opening of fixed-dome stadiums for the National Football League.

It's looking like open-air stadiums are on their way out as teams look to use stadiums during the off-season for concerts and other events.