Metro officials say they have already set aside $19 million to pay for a parcel of land where the Music City Center now sits. However, they haven’t written the check just yet.
In 2011, a Nashville jury found Metro paid Tower Investments less than half of the land’s worth.The decision was upheld by the courts in April, though Metro could appeal to the Tennessee Supreme Court.
“We’ve already accounted for that money, as if we don’t have it,” said Music City Center CEO Charles Stark. “Certainly, if we have a favorable ruling in the case, that’s money that will be coming back to us.”
The Tennessee Supreme Court has yet to approve Metro’s appeal request. Meanwhile, the budget for the new convention center is nearly $5 million in the red. But city officials say tourist tax revenue should help close that gap.