Sports Authority Approves Additional Steps Toward Stadium Construction

The Sports Authority on Thursday unanimously approved several items related to the planned Southside Stadium that will be occupied by the Lookouts.

Groundbreaking for the stadium at the former U.S. Pipe/Wheland Foundry site will be next Monday at 10:30 a.m.

Approved were:

• The Stadium Property Transfer Agreement (allows the land underneath the stadium to be transferred from private ownership to the city and county via the Sports Authority)
• The Stadium Site Prep Development Agreement (specifies the actions that the current landowners will take to prepare the land for construction)
• The West 26th Infrastructure Development Agreement (describes the infrastructure needs for the extension of West 26^th Street, which will provide public access to the stadium)
• The Stadium Lease Agreement (codifies that the Lookouts will pay $1 million plus annual rent for 30 years.
• The Master Parking Agreement (ensures adequate parking for stadium events)
• The change of parties to a Development Agreement (ensures future development is of the quality and scale that was promised by the private sector)

The mixed-use stadium will be jointly owned by the city and county.

The approximately nine acres of land underneath the stadium will be donated by Perimeter Properties.

City officials said, "The stadium is expected to spur $1 billion in new investment and $2.3 billion in economic impact to the area, according to an independent analysis conducted by Younger.

"Not only is the stadium development expected to pay for itself through future tax revenue generated around the stadium through a financial tool known as a TIF, but it will generate $186 million in new education funding for Hamilton County Schools and $102 million in new tax revenue for the City and County over the next 30 years, without raising taxes, according to the same study."

Learn more about this project and find the latest renderings at SouthBroad.info.