County Commission Chairman Jeff Eversole on Wednesday told commission members that the planned Southside Stadium "is less than 10 percent of the total project" at the Wheland/U.S. Pipe property.
Chairman Eversole said he was not saying which side he was on in the discussion about continued funding of the stadium, but he said the stadium "is the anchor that is going to create the development around it."
He said at a meeting on Thursday involving County Commission and City Council members and others at the Chamber office there would be information "on the financial commitments for the county, city and the other partners involved."
Officials said that the cost of the stadium has risen from $79.5 million to $120 million. The Lookouts and the property owners said they would front the extra $40 million to be repaid later.
County Mayor Weston Wamp earlier said repayment of a $40 million loan from the developers "will require an additional $100 million of tax dollars towards the project over the next 30 years at current interest rates. Furthermore, faulty financial models used in the summer of 2022 and higher interest rates have led to a projected $15 million debt service shortfall that city and county taxpayers will be on the hook for in the coming years."
The Sports Authority, which is to own the new home for the Lookouts, meets Thursday at 10:30 a.m. at City Hall.
The joint meeting at the Chamber office on Broad Street is Thursday at 5 p.m.
Chairman Eversole said attempts were made to livestream that meeting, but he said it did not appear that was going to work out. However, he said a recording will be made of the session.
Officials said the meeting will include "a wide-ranging, detailed briefing that will include the latest details related to the updated construction cost, the private sector commitment to cover the additional construction cost, the final financing plan, and an unveiling of the master plan for the 140 acres that will be redeveloped by nationally acclaimed master developer Jim Irwin."
Following the presentation will be a Q&A for elected officials, it was stated.
Those set to take part include:
Mayor Tom Henry of Fort Wayne, IN
Charles Wood, President & CEO of the Chattanooga Area Chamber of Commerce
Master Developer Jim Irwin of New City
Gary Chazen of Perimeter Properties
The Sports Authority Finance Team:
Mark Mamantov, Bond Counsel, Bass, Berry, and Sims
Lauren Lowe, PFM
Don Wilbon, JP Morgan
Jim McKenzie, Market President of FirstBank