The City Council voted unanimously on Tuesday to approve the Southside Stadium project, with the city carrying the bulk of the governmental portion financial load.
The County Commission followed suit on Wednesday. Commissioners Jeff Eversole and David Sharpe were absent.
The $115 million project at the long-vacant Wheland Foundry/U.S. Pipe site is set to get underway after upcoming approvals by the city Industrial Development Board and the Sports Authority.
It will be the new home of the Chattanooga Lookouts and is projected to draw over $1 billion in adjacent development.
The approval comes after the county bowed out of any financing of a cost overrun. The initial cost was listed at $79.5 million.
Under the new deal, the county is only involved in the initial $80 million in debt that was approved earlier. The city is to take on support for portions of cost overruns on the stadium up to $112 million.
County Mayor Weston Wamp said the county, for its part, decided to invest $10 million in Howard School and another $5 million in other schools within the stadium Tax Increment Financing (TIF) District. He mentioned Battle Academy as one possible recipient of the funds.