Funds into one column, which you will see on the right side of the page.

Doing this simplify uh simplifies the report and allows the board to quickly determine uh operating income more efficiently.

So starting at the top of the page, uh, we combine the asset accounts showing a total of seventy-eight million.

Uh beneath that is a list of the liabilities for a total of ninety-seven million, uh, resulting in a fund balance of negative eighteen million.

Uh, that is we believe is more due to a timing of difference between the CIP and the assets, which we put which we will show differently going forward.

Further down the page is the income expense portion of the statement, uh, with revenues coming from the capital contributions and interest earned from the bonds.

Please note that also the operating income of the negative 18 at the bottom of the page matches the fund balance at the top.

At this uh section, does the board have any questions regarding this progress report?

We still have money.

Yes, plenty of it.

Good.

Okay.

So going on to the next page.

You'll see a more condensed uh version of the budget.

Uh shows the encumbrance and actual expenses with the amount remaining.

Uh please take note on the far right side where it shows percentage used.

As you can see for the stadium, there's about 76% of the budget used to date.

And beneath that is the public infrastructure, which is the 26 uh West 26th Street.

Uh showing a 58% completion.

Uh at this moment, does uh the board have any questions regarding this statement?

Actually, is it not uh 76% committed as opposed to complete it?

The encumbrance 25 is not really completed yet, right?

That's true.

We we do include that section to show what's coming down the pike.

Yeah, yeah.

Uh that concludes my presentation.

Is there anything else that the board would like to know?

I'll be happy to answer them.

Okay, well, thank you.

Thank you.

Thank you.

Okay, we'll just go right into item five.

Notice of special meeting needed January 8th at 10 30 a.m.

regarding revisions to the covenants and restrictions for approval.

Thank you, Mr.

Chair.

Bill Payne, City Engineer.

Um, this there are some items that are related to the adjacent um private development that'll be uh just outside of the left field wall.

And so there currently are some declarations that were signed as part of the closing that discuss um portions of the stadium property being uh set aside for either either a no-build uh restriction in that particular area.

There's a there's a some modification that needs to be made to those in order to accommodate the building as it's being designed, so it's not actually any sort of substance substantial change, but we'll be prepared to present that that information at the January special called meeting.

So that's that's our that's our need in needing to call that because it's information that's needed.

Uh it's the change is needed in order for that to be in place uh as they're going through the permitting process, uh, which the February the regular February meeting would be beyond the ideal timeline.

Okay.

And Bill, this is just a slight uh extension of a wall that's going closer to the area of the interstate.

Is that correct?

It's on the interstate side.

Correct.

Currently, currently that the no build area on the stadium property stops a little bit short of where West 26th Street is, so this will just extend it a short distance to get to the rest of that piece, and then they'll the design of the building uh and the way that it lays out on the property.

There's a portion of the building much further up above that that will have a small portion that will extend over that no build area, but there the declaration does not allow for any air rights to the building for that protrusion to come over to come across the property line.

So that'll be that'll be the discussion.

Okay, and we'll have drawings, maps, and other things to be able to have that ready for discussion.

But we were forecasting that we're gonna need that, so we that's why we wanted to go ahead and get on the on the board's agenda for that.

Okay, so it's just uh a request for like slightly additional land.

Uh it actually does not change the land, it just uh it just puts in place it'll just put into place uh an extension of of some agreements that have already been made between new city properties and the sports authority, essentially just to extend that slightly and just to to make a slight modification to allow an overhang on the upper floors.

Um, if you technically looked at it, it would be there, but on a ground level, you won't notice it at the bottom.

So it doesn't affect anything with the usage of the stadium or anything that's that's related to our ability, your ability to be able to have a stadium and serve all the necessary purposes that it needs.

It just is related to that to that very specific piece.

Um but it's it it does affect the property, but it doesn't change, doesn't change any property lines.

And aside from us, is is as everyone else approve this that needs to approve it?

affect anything with the usage of the stadium or anything that's that's related to to our ability your ability to be able to to have a stadium and and serve all the necessary purposes that it needs it just is related to that to that very specific piece um so but it's it it does affect the property but it doesn't change doesn't change any property lines and aside from us is is everyone else approve this that needs to approve it this was actually uh brought to us by new city properties uh so this is actually this is actually something that they requested and we've been uh working with them to review so we've we've seen some preliminary documents um of some of the draft doc uh draft documents and the final ones will be prepared and and ready for the for the January meeting okay so it's it's just a technicality it is I think in the beginning uh at the time of closing probably the best way to describe it is this building was a concept um on their side on on on their portion while we were a lot further along with our design they they had not yet started theirs until after the closing process and so as they've gotten into the design these are just some minor details that their building design necessitates some minor adjustment to what was already anticipated at the time of closing.

Okay.

Bill any issues at this point in time of the that the property won't be completed here in June of 2026 I guess that's the issue on here can they be able to get in to be able to have a ball game there.

Well first pitch will be April the 14th excuse me all right we will I missed the last meeting I missed that we will absolutely be ready uh we will absolutely absolutely be ready and and and are anticipating that we're gonna host first pitch and there's not gonna be any not going to be any problems with being substantially complete.

Okay so this detail won't have any effect on that no sir this is this actually is a detail that does not affect the stadium construction at all this only is is to allow some permitting for new cities private development on the adjacent lot.

Okay.

And as I said whenever we're able to we'll have we'll have those drawings along with the amended declaration documents for the January meeting we'll be able to uh provide you some maps be able to describe it in in much better detail I understand I'm I'm using words to describe a very visual thing so um thanks for bearing with me on that this this may be a question for Rich but um will the Sports Authority board be able to throw the first pitch that is a great question for Rich Mazinga he's not here today but I will certainly let him know your interest yes sir somebody who might be able to do that we maybe we should have negotiated that prior to the approval of the contract we had you stayed there a minute on the June yes you didn't make sure right here today yes we'll be there on the on January 8th we can do that.

Okay we appreciate that and uh we do have some information I I apologize I don't have the agenda pulled up right in front of me but I do have some construction slide updates as well if you just oh yeah please if you all want to want to see those so um while while he gets those pulled up so there's there's been uh quite a bit of continued uh progress uh out there on the site as we've said in all of our meetings the site changes daily and so there's a lot of things that happen I know a couple of months ago at your last meeting after that you all were out there and did a site tour since that time uh work has begun to install the field and so that work is excuse me is is ongoing we've also finished painting uh uh all of the interior steel beams are wrong button here we go uh we've also installed the the standing seam roof and the siding that's uh on along the powerhouse uh the pattern shop and the third base buildings and uh installing handrails along uh both the suite and the upper suite level balconies so those are those have continued uh elevator installation has started in in multiple buildings there's there are five elevators between all of the buildings so those are all uh in various stages as those crews work their way across and there's also what you see in this photograph is the where the team store area is underway that preparation has already begun on the site that's actually going to be a modular facility and so that fabrication has already started off site as well on the on the team level uh the all the the finishes and the epoxy floor uh finishes are ongoing and the concourse level finishes uh have begun uh when we were out there on the site you may recall that on the left field side we still had field access where we were going through a portion of that um where it was the the the dirt had not been filled in all the way around we've now closed in um that retaining wall along the back side uh of the left field wall and begun to backfill that with that on-site material which is part of the brownfield agreement and we've also begun installation of the stacked slab walls along the perimeter of the concourse those stacked slabs just as a as a highlight for you all that is a reuse of the concrete uh that was actually on the site prior uh and so rather than it just being rubbalized and hauled away as happens in most demolitions it was actually saw cut and has been specifically um integrated into the design to be used as these stacked walls um the

And we've also begun installation of the stacked slab walls along the perimeter of the concourse those stacked slabs, just as a as a highlight for you all.

That is a reuse of the concrete that was actually on the site prior.

And so rather than it just being rubbalized and hauled away as happens in most demolitions, it was actually saw cut and has been specifically integrated into the design to be used as these stacked walls that are out there.

So that's that's that's been a great thing to see out there on the site, actually seeing that reused material.

Actually, is uh we had a 30% goal.

We're currently at 22.6.

That's unchanged from the last report.

Uh we still are hopeful to be able to gain some more, but our our opportunities for that are getting smaller and smaller because there's just less remaining contract work uh to be there, but we are continuing to engage with EMJ about that where those opportunities uh still exist for our spend report, and my apologies.

Uh the the um the slide says August spend report, but this is actually uh for December.

So apologize for the for the title there.

Um but as you can see, the the dash line uh was showing our cash flow estimates uh for the project.

We had been lagging a little bit behind where we had anticipated we would be, even though the project was not behind schedule.

Some of the cash flow was a little bit lower, which meant we were delivering things that we that needed to be delivered at a at a slightly lower cost.

We're now right at or slightly just above, but we're still continuing to monitor that uh to track towards towards total completion uh to be within budget.

So still lots of pieces that are out there moving that we continue to monitor on that, but uh we have we have now closed up that gap, and as you can see, we're tracking almost right on top of that that cash flow estimate.

The this this portion uh and so the the last slide had to was uh was about our our bond cash flows.

This is uh to provide you an update on where things stand with uh both the the the West 26 uh infrastructure agreement uh is which is the the three columns that you see on the left.

So that's the the general fund, the stormwater funds, and the uh wastewater funds that were provided by the city to the sports authority.

So we've we're about 1.7 million dollars uh spent uh or reimbursed back to back to the property owner for their work so far out of the general fund uh almost completely 100% on the stormwater dollars, and we are at 100% on the wastewater dollars that have been expended so far.

That work is is continuing, and as those uh draw requests continue to come in, they are performing that work and then submitting those draw requests for reimbursement uh after completion of that work.

Um but things continue to be on track there, and then the right-hand column is the site preparation, which is the uh 10 million dollar uh worth of of preparing the site, dealing with the materials that were on site foundry sands and other materials that were there, and as of as of today's meeting, there's been uh just right at 6.7 million dollars of of approved draws related to that with a remaining 3.3 million dollars for site preparation.

Um in the past, this slide had a fifth column on it, which was had to do with team expenditures.

We've broken that out, um, and we did that to be able to help provide a little bit more visibility into the way that the these the team supplied items are coming, uh are coming along presently.

There have been uh 5.1 million dollars in approved draws for for dollars actually expended by the team.

Uh there's another 5.7 million dollars of uh the the term uh RNs up there is request notices, so those are items that they have quotes on that they have obligated and have moved forward but have not yet completed the payments and submitted those requests, and then there's about 8.2 million dollars of items that while they may be working towards negotiating uh quotes and contracts, or there are things like office furnishings and other things that'll come at the very end, those things are being negotiated, but they've not finalized those quotes and submitted uh for our review and approval in order to get to the request notice stage so that they can can issue those contracts out.

Um but we are continuing to work uh with them well, so we feel like all of this work from the last slide and and this uh are all on track uh to get us delivered to April 14th.

Um be happy to answer any questions that the board may have in the past.

Uh I know a lot of times we've tried putting a putting a drone video or something in here, those have been a little more complicated to actually make them work.

So uh I did not did not include one of those in the update this time.

So but be glad to answer any questions the board may have about any of those things that we've covered or anything else related to the project.

Uh actually I will um it's wasn't specifically on the slide, but just by way of making letting you all know we have continued to have meetings uh between um our transportation folks and the the city's contractor that is working on the signalization uh timing and optimization uh in terms of making sure that they have the information related uh to how the stadium itself is gonna function.

Um there the city also has a special events committee that works on what the traffic patterns look like when special events occur, such as baseball games or other things that may happen here in the stadium.

We are continuing to have those and are engaged with the team on that.

Um so I wanted you all to know that those those things are continuing, and we'll be able to continue to to get to a point where we can provide some more specific details as we get further.

A lot of things are being worked on, and there's multiple fronts that are happening, but I wanted to make sure that the board was aware of that because I know that certainly is of is of great interest to the board as well.

So happy to answer any questions.

I've got a question, just a clarification of where the team uh shop or whatever the building, the team store.

Team store, thank you.

Is it it's next to what they call the shed?

Is that the correct name for that long building?

It is that's not part of the the stadium, what we're responsible for.

Correct.

Probably let me see.

There's probably a photograph here that may help help with the visual on that a little bit.

Um looking in this looking in this photograph, the red building that you see on the right is on the sports authorities property um and is part of the stadium.

That's the powerhouse.

The uh metal structure that that uh currently does not have any roof or walls on it.

That is just a that is a portion of that shed building.

The property line between the property line splits exactly in the middle between those steel columns on the right and the red masonry building that you see, and so um that's that's where that splits.

The team has a has a lease uh from the property owner um from uh is it pipe or perimeter properties?

It's pipe from from pipe properties.

There's two different two different uh uh names on on different portions of the property.

So the team has a lease from from Pipe Properties in order to operate the team store in that location.

Um it is considered part of the team's um like are their overall operations, and there is um just by way of of reminder for for everyone, that was something that was identified and reviewed, and there is one of the closing documents that was provided was from the department the Tennessee Department of Revenue Commissioner that stated that even though it's not on the stadium property sales tax from sales in the store itself can go towards towards this project, so they can be recovered to be used towards those bond proceeds, but it would be in that section right there.

Ultimately that that does get some additional enclosure uh whenever it's all finished right now, those portions are off, so that modular can slide into the end of the building at that at that point in time.

Okay.

So that shed is that something that's a pipe property and new city may develop.

Okay.

Yes, yes.

That's what I thought.

Yes, all of all of the shed building, both that portion as well as the vast majority of it is all out off this picture.

Um huge building that that shoots off from it.

You see it from the interstate that's right, as well as from the side road going past the stadium.

That's correct.

That is that's that's currently owned by Pipe and their their phasing of the development will will ultimately incorporate all of that.

That's correct.

Thank you.

Certainly.

Well, the progress is impressive.

Uh you've done a great job.

And any other questions?

What can I get in that pitch?

What's that?

Work on giving that first pitch for us.

That's right.

I'll be sure and pass that along.

I will I I will say before I step away, I couldn't do it without my team.

I know uh Clay Oliver is here uh with me.

He does a tremendous job, as well as Jeff Spiva, who uh is is contracted to be our owner's representative as well, along with all the folks on uh with both the both the property owner and the team.

There's there's there's a lot of people that are moving to make this happen from our uh design team to our contractors.

So I just get to be the one fortunate enough to stand up here and show you the pretty pictures and tell you about the updates.

So no doubt.

Thank you all.

Thanks, Bill.

All right, happy holidays to see you January 8th.

All right,