Bill > SB0495

This bill amends Tennessee law to authorize cities with a city manager-commission charter to enter into contracts with private entities for sports facility development, construction, management, or operation under flexible terms. Specifically, the bill allows cities to negotiate complex agreements that can include revenue sharing, facility leasing or sale, management fees, and other terms deemed beneficial to the city and its residents. To qualify for this new contracting authority, the city must have a AAA bond rating from a nationally recognized rating organization as identified by the U.S. Securities and Exchange Commission (SEC) on the effective date of the act. This legislation expands the powers of certain Tennessee cities, providing them with more flexibility to partner with private entities in developing and managing sports facilities, while ensuring a high standard of financial creditworthiness through the AAA bond rating requirement. The act will take effect immediately upon becoming law.

Government Affairs

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0495&ga=114