Delivering an important endorsement to Mayor Megan Barry's Major League Soccer stadium proposal for Nashville's fairgrounds, a key Metro Council committee voted Monday by a wide margin to recommend approval of the bond funding needed for the $275 million project.

The council's Budget and Finance Committee voted 10 to 3 to support a plan to issue $225 million in revenue bonds for the stadium project.

The nod of approval from the committee — although not a binding action — is a strong indication there will be a majority of support for the stadium's financing when the full 40-member council takes up the project Tuesday night.

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Councilwoman Tanaka Vercher, the committee's chairwoman, voted for the resolution after previously raising questions about some aspects of the deal. She called the final plan a "fair and balanced" proposal after the addition of some new amendments that were negotiated over the weekend.

"It's not the perfect deal, but I can live with it," Vercher said, adding that her holdup has never been about bringing MLS to Nashville but some of the "fine details" of the arrangement.

"Overall, it's incredible for the city," she said. "It's a huge opportunity."

Council members John Cooper, Angie Henderson and Steve Glover voted against the bond resolution. Council members Erica Gilmore and Jacobia Dowell, members of the 15-member Budget and Finance Committee, were present for Monday's meeting but did not cast a vote.

Nashville, whose MLS bid is led by billionaire businessman John Ingram with help from Barry, is considered one of four frontrunners among 12 cities vying for two expansion spots that MLS plans to unveil in December.

Under Barry''s financing plan endorsed by the committee, the ownership team led by Ingram — majority owner of Nashville Soccer Club — would pay $25 million up front and $9 million a year over 30 years to help retire Metro’s annual $13 million debt for the $225 bond issuance.

Revenue from sales tax generated by the stadium, as well as $1.75 ticket tax that would increase over time, is designed to cover the remaining $4 million. Metro would be on the hook to pay the difference with non-tax revenues if projections fall short.

Glover, one of the council's handful of conservatives, said more worthy capital needs exist in Nashville neighborhoods for the city to address than paying for another pro sports stadium. He also said he's not comfortable projections to pay down the debt will hold true.

"I get concerned when we're going to put our taxpayers on the hook when I'm not certain we really have a golden parachute to protect the taxpayers," Glover said. "I haven't seen the language."

Council critics have above all resisted a private development component of the stadium deal in which the team's owners would receive 10 acres of city-owned fairgrounds land to build on in addition to the eight acres needed for the stadium's foot print. But the committee overrode a push from Cooper to take up an amendment to eliminate the private development.

"This is part of the proposal, and it's not a trivial part," countered Councilman Colby Sledge, the fairgrounds neighborhood's representative and supporter of the stadium. "It's actually pretty integral."

The ownership group, which include founders of the Nashville real estate firm MarketStreet Enterprises, have planned a mix of affordable and market-rate housing, a hotel, office, retail and restaurants. Ingram and Barry have said the mixed-use development is needed to improve the fan experience and have vowed to commit half of the property tax it generates to improvements at the fairgrounds.

In a boost for the stadium's passage, some stadium skeptics on the council said they got their assurances addressed and now plan to support the project.

One of them, At-Large Councilman Bob Mendes, pulled his opposition after the committee adopted two of his amendments. One would have team owners guarantee to absorb any cost overruns for infrastructure upgrades needed for the stadium. The other says if Ingram transfers ownership to a new lead investor, it would be considered a breach of contract if the new investor doesn't provide an adequate guarantee.

Councilman Jeremy Elrod, another critic of the private development, said he will now vote for the stadium proposal if the council adopts an amendment to require the council to sign off on the 99-year ground lease with the owners for the 10-acre development. He ditched several other amendments, some which the Barry administration opposed.

Elrod, in a letter to colleagues, said his adopted amendment would create a "more accountable and open process" to develop the 10 acres. He said he would hope to address other concerns about the private development during the lease proposal.

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Other council members have objected to how the guaranty language in the contract only identifies the team owner’s legal entity, Nashville Soccer Holdings LLC, as the guarantor.

Some pushed for the agreement to also include the names of individual owners to protect Metro in case the league goes under, Ingram were to leave the ownership group, or the owners are unable to deliver on required payments . Even though the deal still lacks an individual guaranty, some council members said they felt comfortable enough with other safeguards to move forward anyway.

The bond issuance is contingent on Nashville getting awarded a team.

If Nashville does land a team, Barry’s administration plans to later ask the council to approve two separate $25 million general obligation bond transactions to pay for fairgrounds upgrades and infrastructure work.

The city would later seek legislation to demolish existing fairgrounds buildings needed to make way for the stadium — which would require 27 votes because of approval of a 2011 public referendum on the fairgrounds — as well as separate legislation to rezone fairgrounds property for the mixed-use development. Metro would still need to approve a stadium lease agreement as well.

Nashville wouldn’t be guaranteed a franchise if the stadium is approved, but it could become the favorite along with Sacramento to win one of the two bids MLS intends to announce next month.

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Of the 12 cities vying for MLS teams, MLS commissioner Don Garber has singled out Nashville, Sacramento, Detroit and Cincinnati as places that have shined during the expansion process.

Sacramento is widely considered a shoo-in to land one of the two teams, having already secured deals for new stadiums. Multiple cities among the group of 12 have either struggled on the stadium front or not finished deals, including Cincinnati and Detroit. The latter last week offered Ford Field, home of the Detroit Lions for their MLS stadium, bucking MLS criteria for soccer-specific franchises from cities.

Reach Joey Garrison at 615-259-8236, jgarrison@tennessean.com and on Twitter @joeygarrison.