NASHVILLE, Tenn. (WKRN) – Metro Nashville officials said Wednesday they are $10 million over the estimated cost for the new Nashville Sounds stadium at Sulphur Dell.
When the Metro Council approved the budget, they expected construction to cost $37 million, but as opening day nears the cost is at $47 million.
Mayor Karl Dean said in a release there are four factors contributing to the extra cost.
The first is the condition of the soil, which required more environmental remediation than projected.
The second is the bid climate. With more economic development taking place across the city, sub-contractors have escalated their prices.
Mayor Dean said the recent winter storms also limited exterior work, so some of the additional construction cost is to make up for lost labor hours.
Lastly, the Nashville Sounds want First Tennessee Park to be the best AAA ballpark, so some upgrades were made that cost nearly $2 million.
In terms of recouping the additional costs, the Metro government has identified sources to make up the difference.
The Sounds said they will pay for the $2 million in upgrades, and the remaining $7 million will come from Tax-Increment Financing proceeds and revenue plus $1 million in unexpected proceeds from the revenue bond sale to cover the construction cost in the beginning.
“Filling the construction cost gap will not impact the government’s general operating budget,” Mayor Dean said.
First Tennessee Park is expected to open for the Sounds first home game on April 17.