From TennesseeTitans.com

Nashville and Davidson County Mayor John Cooper and the Tennessee Titans announced they have agreed to terms for a new enclosed stadium that would relieve a nearly $2 billion burden on Nashville taxpayers by voiding the current lease agreement.

The lease for Nissan Stadium, signed in 1996, legally obligates Nashville to provide a “first-class” stadium until 2039. The Mayor’s Office worked with Metro Council to hire Venue Solutions Group (VSG), an independent and nationally recognized public facility consulting firm, to assess the condition of Nissan Stadium and estimate Metro’s financial obligation to the Titans. VSG estimates that renovating and maintaining Nissan Stadium would cost between $1.75 billion and $1.95 billion over the remaining 17 years of the current stadium lease. This liability would require general fund dollars that could otherwise support essential priorities like public schools and first responders.

Faced with the challenge of a $1.75B-1.95B unfunded liability on an aging stadium, Mayor Cooper pursued other options to shift the cost off the general fund. After months of negotiation, and with a generous contribution from the Tennessee State Legislature, the city and team have agreed to terms that would bring a new, enclosed stadium to Nashville at no cost to the city’s general fund. The enclosed option unlocks two revenue sources that wouldn’t otherwise be available – investments from the state and the hospitality industry.

“This new stadium proposal protects Metro taxpayers by not spending a single dollar that could be spent elsewhere on our core priorities like education and public safety,” said Mayor John Cooper. “Doing nothing was not a legal option for us, and renovating the current stadium proved to be financially irresponsible, so we are proposing a new stadium paid for by the team, the state, tourists and spending around the stadium — not by your family.”

Additionally, the team agrees to waive $32 million of outstanding bills owed by the city for construction and maintenance performed on Nissan Stadium over the past four years. As part of the overall project budget, the team also agrees to pay off the remaining $30 million in bonds owed on Nissan Stadium. This represents $62 million in additional unfunded liabilities relieved as part of the agreement.

The proposed stadium would be built directly east of Nissan Stadium on land that is currently parking lots. As part of the proposal, Metro would regain control of over 66 acres of land, including the existing Nissan Stadium site. Land that would have remained surface parking for the next 17 years can now serve Nashville with a large park, greenways, affordable housing, a multi-modal boulevard, local businesses and more – all without selling any public land.

“I’m grateful to Amy Adams Strunk, Burke Nihill and the entire Titans organization for their commitment to Nashville,” added Mayor Cooper. “Residents’ tax dollars can go to core city services because the Titans have stepped up to cover future ongoing maintenance on the new stadium. I’d also like to thank Governor Lee and our partners at the state legislature for recognizing the Titans’ enormous economic contributions. Together, we are making sure that the Titans stay in Tennessee for generations to come.”

“When my father brought this team to Tennessee 25 years ago, I don’t think he could have imagined a better home for our organization,” said Titans controlling owner Amy Adams Strunk. “The way the people of Tennessee have embraced this team as their own is truly something special, and I am thrilled that with this new agreement, we will cement our future here in Nashville for another generation.”

Funding for the new stadium comes from four separate revenue sources, described in detail below. The Titans, the NFL, and personal seat license (PSL) sales combined represent the largest source of funding for the new stadium. General obligation bonds are not a part of the proposal, and zero dollars are required from Metro’s operating budget.

Sources of funding for the new stadium:

1) Football-Related Sources: Titans, NFL (subject to final NFL approval), and PSL sales;

2) State: a one-time contribution contingent on the building of a new, enclosed stadium;

3) Hospitality: Tourists and visitors through a new 1% hotel/motel tax contingent on the building of a new, enclosed stadium; and

4) Stadium/ Campus: Sales and use taxes collected at the stadium and on its campus.

$840 million for the new stadium and any construction overruns will come from the Titans, NFL, and PSL sales. $500 million will come from the one-time state contribution. The remaining $760 million will come from revenue bonds issued by the Metro Sports Authority to be repaid through the revenue streams described above, all of which, per state statute, can only be used for this project or other stadium-related costs.

The Titans have agreed to maintain and backstop upkeep over the life of the lease, and Metro will own the stadium when the lease expires– creating a multi-billion-dollar asset for the city.

“Nashville’s new stadium will be a game changer for the community, enhancing the national and international reputation of our great city and state and delivering world-class events to our doorstep that we could never have dreamed of 25 years ago,” said Titans President and CEO, Burke Nihill. “We couldn’t be more appreciative of Mayor Cooper’s commitment to prioritizing the taxpayers of Nashville and his vision for a bold future on the East Bank. We look forward to the discussion of these terms with Metro Council and the Sports Authority, and hearing from our neighbors in the community as this process continues.”

“I’m glad we’re at this stage,” said Councilmember Bob Mendes, Chair of the East Bank Special Committee. “After a negotiation spanning two years, there now is a proposal being shared with the community and the Council. I appreciate the Mayor and Titans leadership embracing a transparent process to help all of us learn more about the proposal.”

Additional key facts:

· The new stadium will be home to up to FOUR Tennessee State University home games each year, and TSU will have a dedicated locker room in the facility. TSU will pay no rent under this new deal.

· Venue Solutions Group (VSG) will be providing a full report to Metro Council of their findings that details their methodology and approach by November 1. A summary of their initial findings thus far was provided to Mayor Cooper at his request.

· The new lease will run for a minimum of 30 years, and the new stadium could be ready as early as the 2026 NFL season.

· The Titans have agreed to cover any construction cost overruns.

· The Titans will expand their current impact programs and launch a new community benefits platform with economic inclusion, small business and workforce development and direct support for community priorities.

· Local businesses, goods, and labor will be prioritized in construction and vendor contracts.

· Costs of stadium-related infrastructure and demolition of the old stadium are built into the deal.

The new stadium will also feature other world-class, iconic events such as CMA Fest, concerts, and potentially major sporting events like the Super Bowl, NCAA Playoff Games, WrestleMania and more.

Chris Bundick has been named the Director of Financial Planning and Reporting for the New Orleans Ernest N. Morial Convention Center, the sixth largest convention center in the nation. Bundick will be responsible for providing strategic leadership in managing of financial planning, budgeting, analytics, and the comprehensive reporting process.

Bundick brings 24 years of experience in financial planning and reporting to his new role. He began his career as an auditor for the Office of the Louisiana Legislative Auditor in Monroe. He continued on his career path, sharpening his skills as the Controller for the New Orleans Baptist Theological Seminary where he oversaw all of their financial accounting processes for its multi-million-dollar budget, financial audits, post office operations, investments, and more.

Most recently, Bundick served as the Vice President of Finance and Operations (CFO) of the University of Holy Cross in New Orleans. There, he managed a multi-million-dollar budget and emphasized a culture of unity and transparency. Bundick managed a team of more than 20 staff members with expertise in various fields from accounting to facilities operations to technology and beyond. As he did in his prior positions, Bundick was able to establish a culture and system of accountability that proved to be successful, leading his former organization through ten consecutive annual audits without any material weakness findings.

Bundick is a licensed minister with a Master of Divinity degree from the New Orleans Baptist Theological Seminary and enjoys sailing, golfing, serving at his church, and spending time with his family in his free time.

“As we look to continue on the path of delivering innovative events in a world-class destination, we are happy to welcome Chris to our Convention Center team,” said Alita Caparotta, Convention Center Vice President of Finance and Administration. “As an expert in financial planning, Chris will assist our organization in staying financially efficient and ensuring our financial goals are met as we continue to expand our offerings as a leader in our industry. Chris is a team-oriented, results-driven professional and we are happy to have him on our team.”

The IAVM Leadership Development Committee is seeking candidates who are well-versed in all areas of venue management, invested in their own professional growth and the growth of others, are dedicated to the advancement of the venue industry as a whole and have the demonstrated ability to lead the Association.

Click the links to access the application process and criteria. The timeframe to submit your application to Rosanne Duke, Director of Governance and Operations, begins October 17, 2022 and ends December 9, 2022.

Minimum Qualifications:

• Must have attained CVE designation and maintain the designation throughout the term of office;
• Must be a dues-paying (either Individual or Group Membership), Professional Member of IAVM and remain as such throughout the term of office;
• Must have previously served at least one full term on the IAVM Board of Directors;
• Must have served at least one full year as Chair of:
  • an IAVM Committee,
  • the Board of Regents,
  • the Board of Governors, or
  • the IAVM Foundation Board of Trustees;
• Must have served on at least 3 of the following in any combination(each Committee service counts as one):
  • IAVM Committees,
  • Board of Regents,
  • Board of Governors, or
  • Board of Trustees;
• Must have been employed in one of the 2 top positions in a venue for at least 10 years;
• Must have completed at least 1 of the following IAVM school programs:
  • Venue Management School
  • Graduate Institute
  • Senior Executive Symposium
  • Academy for Venue Safety & Security
• Must have attended VenueConnect at least 3 times, and any combination of at least 3 other programs (from the list below) in the previous 6 years:
  • Additional years at VenueConnect;
  • Other IAVM educational programs; (GuestX, Operations Summit)
  • Sector Conferences (AMC, ICCC, PAMC, ISMC, UVMC)
  • Region Meetings
  • Chapter Meetings

The nomination process is Member-initiated. The website directs the interested members to review the criteria and utilize the online self-assessment tool to help determine their individual eligibility as a candidate for senior officer, and to ultimately submit an application form should they wish to be considered as a candidate.

Final reminder: The application and supporting documentation is due by December 9. 2022.

By R.V. Baugus

Recently, IAVM Director of Safety and Security traveled to Moline, Il. to lead a session on that subject matter for the staff of the Vibrant Arena under the leadership of Scott Mullen, CVE.

If your venue has not yet taken advantage of this opportunity to have the very best come to train your staff in the areas of safety and security, you are missing out on not just valuable but really essential training in these days when being vigilant and prepared is of utmost importance.

Don’t believe us? Just hear what Scott Mullen had to share:

Mark,

Your presentation was awesome! Our entire staff was engaged throughout the presentation. Everyone took away information that will make them better at their job and more prepared in the event of an emergency situation.
You’re a real pro and exceeded expectations on every level!

Thanks!
Scott

Contact Mark at mark.herrera@iavm.org to find out more about the available training and to get a date on your venue’s calendar to have him speak and definitely make your facility one that is safer for you, your guests, and your talent.

Nomination deadline for 2023 Charles A. McElravy Award, Joseph J. Anzivino Distinguished Allied Award, and Foundation Legacy Award is December 3, 2022.

The nominations and letters of recommendation should be written and addressed to Brad Mayne, CVE, President & CEO and submitted to Rosanne Duke electronically. The nomination letter and all letters of recommendation must be received by close of business December 3, 2022. Each award’s criteria process can be found below. If you have any questions, please contact Rosanne Duke.

CHARLES A MCELRAVY AWARD:

The Charles A. McElravy Award may be awarded annually to a Professional, Honorary, or Retired member of IAVM who, in the opinion of the Board of Directors has made the greatest lifetime achievement to the welfare of the Association or profession.

The following criteria are established for the McElravy Award nominees:

1. The nominee must have been a Professional, Honorary, or Retired Member of the IAVM in good standing for at least fifteen (15) years total (though not necessarily consecutively).
2. The nominee needs to meet the minimum service to IAVM requirements for Honorary Membership, but is not required to be retired. The following criteria must be met for a member to be eligible for consideration for Honorary Membership: 1) Attendance at no fewer than 10 Annual Conferences (VenueConnect) during the past 15 years; 2) Attendance at no fewer than 5 Region Meetings during the past 15 years; 3) Service as chair of at least three international or two Region committees during the past 15 years; 4) Service as: Director of IAVM or officer in a Region at least once during the member’s tenure with IAVM or b) Program chair for an IAVM venue-specific or specialty meeting during the member’s tenure with IAVM or c) Member of Board of Regents, Board of Trustees, or Board of Governors during member’s tenure with IAVM.
3. Any member in good standing may make a nomination, which must provide, in writing, a minimum of three examples of the nominee’s outstanding contributions to IAVM and/or the industry (for example: leadership, accomplishments, professional service/activities, projects/results).
4. At least three letters of recommendation must accompany the nomination letter.
5. No Chairman of the Board (or Past President) of IAVM is eligible for consideration until the third Annual Conference (VenueConnect) following his/her term of office.
6. Previous recipients are ineligible (and may be found on our website under Awards).

JOSEPH J ANZIVINO DISTINGUISHED ALLIED AWARD:

The Joseph J. Anzivino Distinguished Allied Award may be awarded annually by the Board of Directors to an individual currently or previously employed by a firm which is or was an Allied member in good standing. The President and CEO will provide evidence the nominee meets the criteria.

The following criteria are established for the Anzivino Award nominees:

1. The nominee must have been an IAVM member for at least ten (10) years total, which need not be consecutive.
2. Any member may make a nomination, which must provide a minimum of three examples of the nominee’s exemplary service and contributions to IAVM and/or the industry (for example: leadership, accomplishments, professional service/activities, projects/results).
3. The nominee must have served IAVM by: 1) Attendance at no fewer than 6 Annual Conferences (VenueConnect); 2) Attendance at no fewer than 10 Region Meetings; 3) Being chair of at least 2 IAVM committees or sub-committees; 4) Being a member of IAVM Board of Directors, IAVM Foundation Board of Trustees, Board of Regents or Board of Governors during the member’s tenure with IAVM; 5) Being a member of an IAVM program, campaign or task force/committee.
4. No Chair of the Allied Committee is eligible for consideration until the second Annual Conference (VenueConnect) following his/her term of office.
5. At least three letters of recommendation must accompany the nomination.
6. Previous recipients are ineligible (and may be found on our website under Awards).
7. The award may be given posthumously.
8. Selection of recipients will be made by an 80% vote of the Board of Directors; Recommendations to the Board of Directors for nominees shall be made by the Allied Committee.

FOUNDATION LEGACY AWARD:

The IAVM Foundation Legacy Award may be awarded annually by the Board of Trustees to an individual or organization who, in the opinion of the IAVM Foundation has made a significant financial and/or non-financial contribution to benefit the mission and objectives of the IAVM Foundation. The Foundation Chief Executive Officer will provide evidence the nominee meets the criteria.

The following criteria are established for the Legacy Award nominees:

1. The nominee may be from any membership category of IAVM or from outside of the Association in a related field.
2. Any current or past contributor to the IAVM Foundation may make a nomination, which must provide, in writing, specific examples of the nominee’s outstanding contributions to the IAVM Foundation.
3. At least three letters of recommendation must accompany the nomination.
4. No Chair of IAVM or Chair of the IAVM Foundation is eligible for consideration until the third VenueConnect following his/her term of office.
5. Previous recipients are ineligible (and may be found on our website under Awards).
6. The award may be given posthumously.