I think we've got one more comment, but we've got a quorum here.

Good morning, everybody.

Good morning.

Good morning.

Big week.

Exciting.

Let's just get straight to it.

We'll do the uh approval of the minutes for the fifth uh February 12th, 2026 meeting.

So move second.

All in favor?

Aye.

Any opposed?

Okay.

I have it.

We'll move on to public comments.

Is there anyone speaking from the public?

Okay, item four, a resolution authorizing the sports authority chair or vice chair to execute the first amendment to the declaration of covenants restrictions and easements to the venue area land between the sports authority, foundry P1 venture LLC, and Chattanooga Professional Baseball LLC to extend the no-build easement grant air rights above the left field concourse and modify the video board easement to a uh accommodate the finalized location.

SA O42.

Hey morning.

Good morning, Mr.

Chair, members of the board, uh Bill Payne, City Engineer.

Uh this is something that we've been working on uh uh cooperatively with the uh with New City, uh who's the developer of the parcels uh just off of the outfield concourse and so uh the the no-build easement and and several of this uh of the the portions that are in the declaration had all been worked out in advance um when the building was still very much uh conceptual on their part and so as their design has been refined is come into focus that a little bit of these air rights, these are essentially elevated above the above the concourse area, it's an area of about two to three feet um where some of the architectural elements uh of their building uh will actually overhang slightly, uh but so this this air rights uh portion will actually allow for that to happen and allow for their construction.

It does not encroach in any way on the usability of the concourse um or uh the use during during game day.

Um so those are there, and then there is one section, this is the no-build easement uh what has always been in the declaration, but uh as the design has has finalized, there's a short portion of it.

The no-build easement did not extend all the way to the public right-of-way, and so this just basically extends it um that last distance to go all the way through so that it just makes it clear what the intent of that of that no-build easement was.

So I do know that the property owner and the developers are here if there's any other questions you have that I'm not able to answer as well.

So I think I know the answer, but you know, just to confirm, I mean, when when something like this comes to us, I mean all parties have already agreed to this and property owners and and we're just yeah, okay.

Yes, that's that's correct.

Well we've been working on on this language and have been going back and forth um with them to make sure that the language was appropriate for what the design is and also making sure that it'll satisfy um because in order for them to get their building permits, uh the building permits require um that they have the easement since since the building plans will show uh these this overhang of of these upper floors um across the concourse and uh beyond the property line, so that's so that's there.

So we've been working to make sure that that the documents that that are before the board today satisfy their needs as well as uh but the permitting needs uh for the project without it without encroaching on anything that's uh would be detrimental to this to the sports authority.

Yes.

Um I'm sure this is just routine as well, but none of this alters or transports any additional liabilities to the board.

Oh to the sports authority.

That's correct.

Any further questions?

Okay.

Uh is there a motion to approve the resolution?

I move approval.

A second.

Okay.

All in favor?

Aye.

Any opposed?

Okay.

Ayes have it.

Thank you.

Um, so we'll move on to presentation of financial progress report and budget as of March 31, 2026 by finance.

Hi, good morning to the chair and the board members.

Uh my name is Paul Boylan, and today I'd like to present the financial progress report.

Uh first, let's look at the page titled Sports Authority Financial Progress Report.

You should see it before you now.

Uh I would like to highlight some specific items from the balance sheet uh starting near the top as of March 31st.

Uh the Sports Authority held over 27 million in cash and over 80 million in construction costs for the stadium combined.

This means the sports authority's assets are around 107 million.

Below that, we have a breakdown of liabilities, like always.

Uh the largest are the bonds, but please note the 3.3 million in retainage to be paid to the vendors.

Uh the retainage will fluctuate over time, but the decrease uh it will decrease once obligations are met.

Uh next, we have the income and debt payment near the bottom.

Um most notably is a 3.7 million in interest earned and nearly 110,000 from the uh team contribution fund.

With the collection of the last year's TIFF payment from IDB of a hundred uh five hundred and six thousand, the total revenue comes to over 4.3 million.