Large-scale construction projects are often a boon in Nashville and throughout Tennessee. If the project is sports-related, there are inevitable hopes that local businesses will benefit from its construction from start to finish. That involves the companies that take part in the hands-on building of the project, businesses in the area, and those who invest in its financing. Still, there are always legal concerns with big plans and those involved – especially bondholders and the companies that are contracted to do the building – should be protected beforehand. Having legal assistance to ensure the contracts have sufficient shields in place is key.
Soccer stadium planned for Nashville
A stadium for a Major League Soccer franchise is in its planning stages with an agency selling bonds to finance it. The bonds are expected to accrue $225 million and the stadium will seat around 30,000 people. The local governments are involved in the planning and have pledged to cover various payments to protect bondholders. Tennessee is viewed as a fertile ground for sports expansion with the proposed soccer stadium combining with an ongoing push for Major League Baseball to create an expansion team for the state.
Analysts are bullish on the growth of soccer in the United States. It is already the most popular sport across the globe and is slowly gaining a foothold in the U.S. Nashville has a newly formed team called Nashville Soccer Club (Nashville SC). As the project for its own stadium is in its infancy, the team is playing at the Tennessee Titans’ stadium. The bonds are a foundational part of the stadium’s financing. Complicating matters is the ongoing health situation and when teams will once again be able to offer the full fan experience and return on investment of the bonds.
Preparing for challenges may require extensive legal assistance
Construction of a major new project is an exciting time and can be lucrative for many in the area. Even with that, it is wise for everyone involved to have assistance with the complexities of construction law and bond claims. If there are disputes once the project is completed, these can easily escalate to extensive litigation costing time and money. When crafting the contract, these contingencies should be addressed and if it is necessary to file a construction lawsuit, legal advice can be critical. Calling for advice and guidance is the first step.