Nashville Sports Authority should pump the brakes on Bristol bond debt | Opinion

The Metro Nashville Sports Authority is considering rubber-stamping $100 million in bond debt as part of the state legislature’s plan to fast-track Bristol Motor Speedway into the Fairgrounds Nashville.

As South Nashville residents who would be adversely affected by the roar of NASCAR engines in our neighborhoods — and as taxpayers who would be on the hook for inevitable revenue shortfalls — we are respectfully asking the Sports Authority to pump the brakes on this ill-advised plan.

Northeast Tennessee racetrack operators have bullied their way into the capital city with an army of lawyers and lobbyists who want to force deafening noise, paralyzing traffic and bad economics on local taxpayers.

Earlier this year, neighborhood groups representing more than 10,000 residents issued a public statement opposing Bristol Motor Speedway — in part based on our belief that the financial math just doesn’t add up. Our concerns then are proving true now.

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Taxpayers could be on the hook: Look at Chicago

Documents that emerged in recent weeks make it clear that local taxpayers could shoulder significant financial risk in the proposed Bristol Motor Speedway deal. Buried in the fine print: A clause stating that if racetrack revenues are “insufficient to pay debt service” on municipal bonds, then Metro Government must commit funds “necessary to cure such insufficiency.”

Put differently: If NASCAR ticket receipts, food and beverage sales, and track rental fees don’t cover the $100-million price tag, Nashville taxpayers will be on the hook for the difference.

For recent lessons learned, we can look north to Chicago. Earlier this month, NASCAR took over Windy City streets in a PR stunt designed to show how stockcar racing supposedly could thrive in a big city. Bloomberg automotive reporter Hannah Elliott declared NASCAR’s Chicago outing to be a resounding flop.

“Community members were ambivalent about the race from the very beginning,” Elliott wrote, noting that the event suffered from “lackluster ticket sales.” Most troubling for NASCAR: “The stock car series has battled financial problems for years; multiple teams have described it as ‘broken’ with little chance of long-term stability.”

Not exactly a ringing endorsement. Meanwhile, in addition to shaky economics, Bristol Motor Speedway is proving to be a bad neighbor.

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Noise is one of neighbors' biggest worries

When the racetrack operator couldn’t get traction in the Metro Council, they decided to bully their way into Nashville by going to the legislature in order to circumvent local decision-making. Three separate legal challenges now are calling into question Bristol’s unconstitutional legislation.

A community group’s survey of our neighborhoods found that more than half of residents near the Fairgrounds oppose Bristol Motor Speedway — and three-quarters of residents voice concerns about expanding the Fairgrounds racetrack. One of our biggest worries: Deafening noise.

To put it in perspective: In Northeast Tennessee, Bristol Motor Speedway is surrounded by RV campgrounds in a tiny community that’s just across the state line from rural Virginia. In South Nashville, we live in a dense urban environment near the convergence of three major interstates. We’ve got more than enough traffic and sound as it is.

Before NASCAR’s recent Chicago race, the Sun-Times cautioned residents to protect their ears from 95-decibel sound levels. “At that level,” the newspaper warned, “people could suffer hearing damage after 30 minutes.” In South Nashville, Bristol Motor Speedway wants to run races for hours at a time.

With all this mind, we are imploring the 13-member Sports Authority to meaningfully engage and collaborate with taxpayers and neighbors prior to making decisions that affect us. Our city deserves an exhaustive, transparent, and intellectually honest conversation about Bristol Motor Speedway. Any objective analysis will arrive at the same conclusion: Expanding the Fairgrounds’ existing short-track facility isn’t just a disservice to neighbors; it’s a risk for all taxpayers.

This decision is too important to be rushed. We hope the Sports Authority slows down, gathers more information, and gives citizens a chance to be heard before placing a bad bet on Bristol bond debt.

John Spragens is a Nashville attorney, Fairgrounds neighbor, and president of CARE for Nashville. Shay Sapp, a Fairgrounds neighbor, is board president of South Action Nashville People (SNAP), the neighborhood association for Wedgewood-Houston. Heidi Basgall Favorite, a Fairgrounds neighbor, is the founder of NOTE Nashville.

This article originally appeared on Nashville Tennessean: Nashville Sports Authority should pump the brakes on Bristol bond debt