Penalties for not building a new downtown convention center are piling up as the Metro Council weighs whether or not to fund construction. More than $280,000 could be owed to groups that have pre-scheduled conventions in the facility.
The Nashville Convention and Visitors Bureau, which is 90% funded by tax dollars, has sold 227,000 room nights so far for the un-built Music City Center. In most of those contracts, the CVB’s Butch Spyridon says his organization would have to pay a penalty if construction doesn’t start this spring.
“If I’m talking legalese, spring goes to June 21st, so yeah, you have from now to June 21st to break ground.”
Mayor Karl Dean authorized pre-sales for the convention center, but the CVB wouldn’t pay penalties with its tax money. Spyridon says he would instead use dues from CVB member businesses.
To the feasibility of breaking ground in the spring, Spyridon says he believes it can still happen. But first the Metro Council must approve a controversial financing package. Then bonds must be sold in what remains an unpredictable market.
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