The City Council on Tuesday afternoon approved the long-crafted development agreement for the Southside Stadium in a unanimous vote. The County Commission followed suit - with no discussion - on Wednesday morning.
Afterward, Jermaine Freeman, the mayor's chief of staff, said the groundbreaking is now planned for early July.
The agreement was worked out after months of negotiations involving the city and county, the Chattanooga Lookouts, master planner Jim Irwin of New City Properties and the site owner, Perimeter Properties.
The stadium is to be built at the former Wheland Foundry/U.S. Pipe site that has sat mainly idle in an eyesore condition for several decades.
A large Tax Increment Financing (TIF) District has been set up around the stadium with enhanced tax collections from the district going to pay for certain stadium costs, including an $80 million bond issue backed by the city and county.
Cost of the stadium has been put at $115 million, which was far above an early estimate of $79.5 million.
The Lookouts will be moving from their current location on Hawk Hill at AT&T Field. That property will be turned back to the River City Company for redevelopment.
As much as $1.2 billion in development has been projected for the site.
Officials said there needs to be at least $550 million in development in order for the city and county not to have to make contributions beyond the TIF fund.