The city/county Sports Authority voted on Tuesday to hire PFM Consultants, which has handled stadium projects, to help carry out a community Southside stadium.
Officials said it is expected that up to $80 million in bonds will be issued for the project in December - with an April groundbreaking slated.
The Sports Authority also voted to send out an RFP for bond underwriters for the project.
Brent Goldberg, city chief financial officer, said officials "have been hearing from banks all over the country" interested in purchasing the stadium bonds.
The bonds will be for 30 years, but could be paid off earlier, it was stated.
Mr. Goldberg said the list will likely be narrowed to 4-5 financial institutions "that are the best fits" for the financing before a final decision is made.
Asked if rising interest rates could affect the project, Mr. Goldberg said he did not think so. He said interest rates "have gone back up to the level where they were for many years."
He said the hope is that the higher interest rates will help curb inflation and bring construction savings.
Mr. Goldberg said the Chattanooga Lookout will be providing $1 million per year plus an escalator and also covering an estimated $1.5 million in maintenance per year.
He said the commitment from the Lookouts over the 30-year life of the bonds was some $75 million.
Mr. Goldberg said the Sports Authority would receive 100 percent of any parking revenues for the first two years, then get 70 percent with the Lookouts receiving 30 percent for the next two years. After that, there will be a 50/50 split on parking income.
He said the Lookouts will receive funds from naming rights and advertisements at the park.