The Chattanooga Sports Authority met on February 12, 2026, to review financial reports, construction progress on the new stadium, a resolution for remaining project funds, and a public art update. The meeting included approvals, financial updates, a construction briefing, and a discussion on incorporating African American history into public art.
Good morning, everybody. Good to see you everyone. We'll just kick it off. We'll go to the approval of minutes for December eleventh, two thousand twenty-five meeting. Okay, all in favor. Any opposed? Okay. Beneath that we have the liabilities at 96 million. Most of that is again the bonds that were issued. I would like to make note of the 2.5 million in retainage. That amount will fluctuate as the construction continues and nears its completion. That should dwindle over time. Beneath that we have the income statement and expenses. Again, most notably is the 3.6 almost 3.7 million of interest earns from the bonds. And then finally, below all that is the income statement in debt, which again shows the TIFF payment we received last year, as well as the debt interest payments on the bonds that were received. Are there any questions over the balance sheet and income statements? If not, we can move on to the next page, which shows I'm sorry. One second. I'll just I just want to um thank you for the revised presentation. It's much more understandable. Um the income statement and the income debt. Uh the question. I I I guess I'm a little confused with the name when it says income statement. Does that mean we've collected for more than we brought in? Where is that coming from? Or is it just money in and money out? It's sort of cash in and cash out. Yes, that's to show the cash that was received that was brought in, and then some of the expenses that were uh expensed out. But we just wanted to also break out beneath that the income statement showing some of the debt from the interest payments as well as the TIFF income. We just wanted to kind of break that out so that it was a little easier to parse and read. Well, thank you so much for the clarification. Yeah, it was just more of a highlight. Got it. Okay. And that that's because you have money coming in from the industrial development board on the TIFFs here into this funding for the I guess the sports authority financial report, correct? Some of it, yes. So the 10 million, or actually, I'm sorry. Yes, the 506. Yeah, no, I'm sorry. That's that's the because of the IDB TIFF, correct? I believe so. Yes, the 506,000. Yes, yes. Looking at the very bottom, the TIFF, yes, that's correct. Yes, sir. So it's coming from another uh entity here that would be coming in because of the tax increment financing. Yeah, that's correct. All right. Okay, I guess since you brought that, I kind of what it doesn't show is the excess or the surplus of ins versus out. Unless I add them all up.