Finley Stadium is being maintained, updated and improved for increased use today and to ensure it is ready for a new chapter in the future. This year, an economic impact study showed that Finley Stadium had a $30.3 million effect on spending in the Chattanooga area over a 12-month period. Both the city of Chattanooga and Hamilton County recognize its value and have each contributed $600,000 for the projects associated with keeping events and people coming to the stadium complex.
Most of that $1.2 million was set aside for two large improvement projects - converting lights in the stadium to energy efficient LEDs and for renovating the elevators that are original to the 27-year-old facility. The energy savings from the new lights earned the stadium a larger rebate from TVA than had been anticipated. Finley will get a $140,000 check from TVA for the light improvements. The elevators and lighting came in under budget and, when added to the rebate, will result in a $260,000 surplus. The lighting renovation is now complete, and the elevator work should be finished in four-five months. Meanwhile, one of the two elevators will remain operational at all times.
The county and city have given permission to spend the surplus on some smaller projects that are needed. And some of the surplus will help to fill the void left by a two percent decrease in attendance from projected numbers in UTC football and a large event for the pavilion that had been anticipated but did not materialize.
Approval was given for capital projects suggested by Board Member Larry Parks for using the surplus $260,000 on work including replacing a sprinkler line, putting LED lighting in the North parking lot, adding 64 cameras for security, building a communications center in the press box that can be used by all departments to coordinate their efforts and adding rooms dedicated to health services.
Future plans for facility improvements include renovations to lighting and restrooms in the skyboxes, improved lighting in the concession area, and upgrading the offices for employees. Approval was also given to replace all the seats in the skyboxes. They were installed when the stadium was built and parts are no longer available for repairs when needed. The new seating will be paid for with money from the campaign corporation fundraising and yearly fees paid by owners of the boxes.
Additional revenue streams have added income this year, said Executive Director Brian Wright. Skybox catering is up 16 percent from the year before, and other catering is up 83 percent. The goal for the new Ultra Club rental this year is $60,000 compared to the year before when income from the old Stadium Club was $24,000 and just $6,000 in rentals the year before that. The executive director expects the substantial growth will continue and he sees an opportunity for smaller events in the club that can accommodate about 250 individuals. Also, the profit margin for catering has been improved this year by five percent. But the stadium is also facing higher costs in insurance and maintenance of aging food and beverage equipment. The net income for the stadium complex was $166,000, a little below what it was last year.
During the next six months the stadium will be negotiating new agreements with users such as parking and sponsorships that should help the stadium to be successful in the next 4-5 years, said Mr. Wright. And he continues to try new things on the concourse level, he said. Two new locally owned restaurants will be added along with a station selling fountain drinks with refills.
When he returned to work at the stadium, Mr. Wright said it was largely unused and losing money during January. Now the facility is busy almost 365 days a year because the campus is being used in many ways other than sports. This year during January there are activities such as the Main Street Farmer’s Market, and ice skating at Ice on the Landing. And there will be a pre-season soccer match between Chattanooga Football Club vs. Atlanta United this Saturday. But spring and fall remain the busiest times for use of the pavilion and stadium. The calender is filling up at the pavilion, and after Sept. 1 there is not a single Saturday open.