Bill > HB0065

This bill amends Tennessee law to authorize cities with a city manager-commission charter to enter into contracts with private entities for the development, construction, management, or operation of sports facilities under flexible terms. Specifically, the bill allows these cities to negotiate agreements that can include provisions for sharing operating revenues or losses, leasing or selling facility parts, paying management fees, and other terms deemed beneficial to the city and its residents. There is one key restriction: only cities with a AAA bond rating from a nationally recognized statistical rating organization (as identified by the U.S. Securities and Exchange Commission) can take advantage of this new contracting authority. This provision is being added as a new subdivision to the existing Tennessee Code, expanding the powers of certain city governments to engage in public-private partnerships for sports facility development and management. The bill takes effect immediately upon becoming law, reflecting the legislature's assessment that this change serves the public welfare.

Budget and Finance, Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0065&ga=114