NASHVILLE, Tenn. (WKRN) – The Metro Nashville Sports Authority voted to approve the Tennessee Titans proposed new stadium term sheet, which includes details on the stadium site, design, and construction.

The proposal outlines 60,000 seats, suite, boxes, clubs, onsite parking, retail, offices and even a banquet space.

The Sports Authority said the new stadium relieves taxpayer burden by at least $1.75 billion; most recently, the Nashville Area Chamber of Commerce called the proposal the best option for taxpayers in Nashville, saying it shifts a $2 billion burden from the city’s general fund, which also benefits taxpayer from increased investment into the local economy.

The Titans issued the following statement on the Sports Authority’s approval:

“We are thankful for the Metro Nashville Sports Authority’s leadership and support in moving the stadium proposal forward today. The Authority has worked for many years to identify and address the challenges faced at the existing stadium, and continues to be an important partner as we look ahead to the future. We look forward to further conversation as the process continues.”

The stadium proposal, which was announced by Mayor John Cooper and the Tennessee Titans on Oct. 17, would also void the current lease agreement.

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The next Metro Council meeting is scheduled for Tuesday, Dec. 6.