Chattanooga Sports Authority Board Meeting - April 9, 2026
Chattanooga Sports Authority Board Meeting - April 9, 2026
The Chattanooga Sports Authority Board met on April 9, 2026, to approve routine items, receive financial and progress reports for the new stadium, and discuss the tax increment financing (TIFF) forecast. The meeting highlighted that the stadium is substantially complete, ahead of schedule, and financially on track.
Consent Calendar
- Unanimously approved the minutes from the February 12, 2026 meeting.
Discussion Items
- Resolution SA 042 – Amendment to Declaration of Covenants, Restrictions, and Easements (Venue Area Land): Bill Payne, City Engineer, presented a first amendment to the declaration between the Sports Authority, Foundry P1 Venture LLC, and Chattanooga Professional Baseball LLC. The amendment extends a no-build easement to the public right-of-way, grants air rights for architectural overhangs (approximately two to three feet above the left field concourse), and modifies the video board easement to accommodate the finalized location of a neighboring development. Payne confirmed all parties had agreed. The board approved the resolution unanimously.
- Financial Progress Report as of March 31, 2026: Paul Boylan, Finance, presented the balance sheet and budget-to-actuals. The Sports Authority held over $27 million in cash and over $80 million in construction costs, totaling about $107 million in assets. Liabilities include bonds and $3.3 million in retainage. Net income from interest and contributions exceeded $4.3 million, but debt interest expense of $4.9 million resulted in a net loss of $590,000, which was covered by capitalized interest from bond proceeds. The stadium budget of $115 million is 80% spent or encumbered, leaving $23 million; the public infrastructure budget of $10 million is 64% used, leaving $3.6 million. Combined, 78% of the total budget is expended or encumbered.
- April Progress Report by Public Works: Bill Payne reported that contractor EMJ achieved substantial completion on April 1, 2026, 40 days ahead of contract schedule, and the certificate of occupancy was obtained. Field installation, ribbon boards, scoreboards, gates, team store, stairs, ramps, and elevators are complete. Riverwalk concrete and gardens are nearing completion. West 26th Street and Pipeway have been paved and striped; ADA parking and lot lighting are installed. The team submitted draws totaling $9.5 million plus an additional $7.8 million in requests. A savings bonus from EMJ and early completion bonus allowed reallocation of funds. The board discussed parking (approximately 2,000 public spaces), team facilities (bullpens under right field concourse, batting cages under third base building), and upgrades over the previous ATT Field (which had 173 of 9 MLB required points). The new facility includes three female locker rooms in anticipation of future requirements. No major hurdles remain; only punch list items remain.
- TIFF Update by Charita Allen: Sheree Allen (Senior Advisor, Economic and Workforce Development) presented financing sources for the stadium: Series A bonds (paid by city-county tax increment and sales tax), Series B (team rent), Series C (city increment only), direct placement notes, and team contributions. She reviewed pledge revenues and series A debt service projections for 2026–2028. For 2026, projected revenues ($3.864 million) cover no debt service. For 2027, projected revenues ($5.236 million) exceed the $4.566 million debt service, leaving a carryover of $670,000. For 2028, conservative estimates show revenues sufficient to cover the June 1 payment, but forecasting is deferred until further variables are known in six months. Allen confirmed that development in the district is on track and that city and county officials have resolved concerns raised in a prior letter from Hamilton County, with the county satisfied.
Key Outcomes
- Unanimously approved Resolution SA 042 (first amendment to declaration of covenants, restrictions, and easements).
- Received the financial progress report and budget as of March 31, 2026.
- Received the April progress report; noted that the stadium is complete and ready for opening day on April 14, 2026.
- Received the TIFF update; noted that revenues are sufficient to cover debt service through 2028.
- Board members expressed appreciation for the project team and excitement for the upcoming season.
Meeting Transcript
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.
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