The Tennessee Titans and Nashville Mayor John Cooper announced on Monday a plan to build a domed football stadium for a reported $2.2 billion.

The new stadium will tether the organization to the city for the foreseeable future and position them to host the Super Bowl, College Football Playoff Games, and other year-round events. None of those draws currently exist at 23-year-old Nissan Stadium, the Titans home.

"When my father brought this team to Tennessee 25 years ago, I don't think he could have imagined a better home for our organization," said Titans controlling owner Amy Adams Strunk. "The way the people of Tennessee have embraced this team as their own is truly something special, and I am thrilled that with this new agreement, we will cement our future here in Nashville for another generation."

The 1.7-million-square-foot proposed project must still be approved by the Metropolitan Council of Nashville and Davidson County.

The Tennessee Titans announce their plans to construct a new stadium on Twitter.

Titans ownership will reportedly bring about $800 million to the deal and the state of Tennessee will invest $500 million. The rest will come from a 1% tax on hotel room in Davidson County, sales taxes collected within the new facility and sales taxes collected in the surrounding 130-acre campus.

"This new stadium proposal protects Metro taxpayers by not spending a single dollar that could be spent elsewhere on our core priorities like education and public safety," Mayor John Cooper said.

The cost of continually renovating the 23-year-old Nissan Stadium had escalated in recent years, prompting the Titan's organization and Nashville officials to explore the possibility of building a new stadium.