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City staff outlines term sheet: $573M public ask, city $120M, joint authority oversight and non‑relocation protections
Summary
Kristen Dennis and city officials walked council through the July draft term sheet: renovation to be completed within four years, joint authority oversight, the city proposal of up to $120M for eligible renovation costs, a $3M property-tax-offset concept, a continued 6% user fee, and enforceable nonrelocation remedies included in drafts.
Kristen Dennis, special adviser in the council president's office (on loan from Metro), gave a structured walkthrough of the July draft term sheet and how it compares with SB 1501. Key elements she highlighted included a renovation term intended not to exceed four years; a joint authority that will review and approve scope, schedule and budget; and a 20‑year minimum term in the arena operating lease.
Dennis said the draft contemplates a public funding contribution with parties (state, county, city) assembling a capital stack; the draft proposes the city's contribution not to exceed $120,000,000 for eligible renovation expenses. The term sheet also retains a 6% user fee on tickets and contemplates parking revenues and a property-tax-offset payment concept that staff estimated at roughly $3,000,000 (escalating) to compensate taxing jurisdictions that lost property-tax revenues when the city purchased the venue. The term sheet includes community benefit agreements, a labor peace requirement, audit and transparency provisions, and enforceable nonrelocation remedies (injunctive relief, liquidated damages, clawbacks) for breach.
