Tennessee Building Commission approves Neyland Entertainment District projects
During Thursday’s meeting, the commission approved several of the arrangements the university had made to get the project built.
KNOXVILLE, Tenn. (WVLT) - Tennessee’s State Building Commission approved Thursday the University of Tennessee’s upcoming major project aimed at building an entertainment district right outside Neyland Stadium.
During Thursday’s meeting, the commission approved several of the arrangements the university had made to get the project built. Specifically, the board approved public-private partnerships for the build.
Much of the back-and-forth on the entertainment district has revolved around the details of funding the project and who will hold responsibility for each aspect.
The standing plan puts UT in charge of owning and operating the newly revamped G10 garage. That said, the agreement puts the entertainment district’s daily operations in the hands of the developers, who will enter a 99-year lease agreement with UT. The entertainment district built atop it will bring in $1.5 million to the university each year in lease payments and a portion of sales.
A breakdown of the entire plan is available here.
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