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.

Uh finally, we have the debt interest expense.

Uh that's in relation to the bonds of 4.9 million, uh, thereby leaving a net loss of 590,000, which was expected and is covered by the capitalized interest.

Uh before we continue, does the board have any questions about this statement?

I hope you knew this is coming.

Uh you want to explain how the capitalized entries work in paying that interest.

Yeah, so in a nutshell, um, the capitalized interest is the additional uh loan that was borrowed from the uh bonds to pay for the interest during construction.

My understanding is that came from uh the bond series A and B.

So that interest payment is actually made from bond proceeds.

Yes.

Thank you.

Yes.

Does the board have any other questions regarding this statement?

I can before I go on to the next one.

Okay.

Uh so next I'd like to go over the stadium and public infrastructure budget versus actuals.

That should be the next page.

Uh just at a very high level, again, as of March 31st, uh, with a budget of 115 million for the stadium, nearly 80 percent has been spent or encumbered, leaving roughly 23 million to be used uh towards the stadium.

Uh beneath that we have the public infrastructure, this specifically West 26th Street and the infrastructure surrounding the stadium.

Um with a budget of 10 million, around 64 percent has been used, resulting in about 3.6 million remaining to be spent.

Uh both projects combined uh show 78 percent of the budget used or encumbered uh towards the stadium and infrastructure surrounding it.

So uh right now that uh that's my high level overview uh with these statements.

Does the board have any questions or comments?

Okay, thank you so much.

Thank you.

Thank you, item six presentation of April progress report by public works.

Thank you again, Mr.

Chair.

Uh to the board, it's today's a great day to be here.

We are five days away from opening day.

Uh we have we've we've got the best uh project the best report that we can give you, which is uh our contractor EMJ is substantially complete.

Uh we have the certificate of occupancy on the building, and so everything is advancing uh well towards next Tuesday, which is which is definitely the day that we've all been working towards.

Uh let's see.

So just to give you some of the details very much along the lines of the same format uh that we've that we've provided to you in the past.

Um all of the field installation is complete, uh the ribbon boards and the scoreboards uh have been installed.

Uh the center field gates uh have been installed at the time that this was created last week.

Since then the main gates have also been installed as well and the team store installation is complete.

This photo that you see is is of the powerhouse so this is uh looking at it from the uh first base seats we've in addition to this team store being installed since our last update all the stairs and the ramps to those have been installed and all of the elevators in the various buildings have been commissioned there were five total uh throughout the project uh in in all of the buildings in place um uh all of the river walk uh has uh the concrete and the rubble gardens uh are nearing or or are at substantial completion again uh changes by the days from the time that this was created last week until today uh west 26th and pipeway pipeway is the name of the road uh once west 26 turns and runs parallel to the interstate uh and pipeway is is Erlinger parks address uh is actually addressed off of pipeway so those have all been paved and striped and in the surface parking lots under the master parking agreement the ADA parking um has all been installed and striped and the uh parking lot lighting has been installed in those lots um but this is uh this is kind of an aerial view this is from mid-March again there have been continued to be progress you could substantially see lots of things changing by the day so uh this is about three weeks old and if you were to see it today it would it would again look significantly different uh on on things that are continuing so uh from from a budget spending perspective uh overall uh you can see where our trend our costs uh had sort of been slightly under our projections uh as we were realizing some savings portion of that has been over uh over the projections however that's not uh that is not indicative of cost overruns that's indicative of schedule compression uh emj has been able to contractually they were they were because of the timing of when the bonds were issued their contractual completion date was not until uh mid-May but they have been uh working to accelerate the entire time and so a substantial completion uh certificate is actually uh dated as of April 1st so they were 40 days early on the completion uh which uh we had built into the schedule and built in uh to a lot of the uh a lot of the budgeting uh they've they have earned an early completion bonus as part of that they've also earned a savings bonus uh which has been partially shared uh with with them for uh finding those savings but then uh three three fourths of the savings that they that they have uh that they have encountered have come back to the uh actually more than that have come back to the sports authority so we've been able to use those savings and reallocate them to to other needs on the project so uh they've been a fantastic um fantastic partner with us in delivering this project for you um and so like as I said while that while that cost of date is slightly above what we originally forecast and estimated that's because of the schedule compression so we're spending those dollars earlier than what we had forecast this chart updating on uh approved expenses and the remaining budget for West 26th and the uh site preparation the three columns on the left again are West 26th that's the breakdown of the city funds that were provided to the sports authority uh for the delivery of West 26 uh the river walk and pipeway as well as some stormwater and sewer infrastructure that was installed so that's why you see the breakdown between general funds stormwater funds and wastewater funds and then the site preparation uh currently is continuing and that's also well on track um the remainder of that site preparation has to do with soils that are on site that are uh in a regulatory process with the state and so those funds will will be expended in order to be able to achieve uh in order to to be able to achieve that that final soil um uh soil removal from uh another part of the site but everything obviously for the stadium has been completed for uh team supplied items uh this is as of uh probably 10 days ago or so uh the the team has uh has submitted draws uh totaling 9.5 million dollars as well as additional request notice of another 7.8 million dollars they have continued uh working through and submitting additional draws uh but we have uh which we will show at a future update here those that those numbers and that remaining budget are continuing to close up and uh as well so everything is continuing on track as as expected.

Certainly.

So uh as with the way that the financing uh was broken down, uh the sports authority had uh the $85 million dollars in bonds plus a million dollars in interest, and then the property owners had 10 million dollars for the site preparation activities.

The team supplied items were things that the team was purchasing, and that's through their through their TIF through through their equity and through their TIFF loan as well, and so that is things like the scoreboard, the LED signs, all of the wayfinding signage uh within within the buildings um themselves, um all the seats, all the furniture, um, all the point of sale, all of the kitchen equipment.

Um there was some lighting, uh so things things like that are in there.

There's there was a long list that was included in the agreement, which totaled up to the 19 million dollars, and so this is not broken down by the individual items, but this is just this is just a composite look at those.

But that all of those were things that the team was providing in order to make it a complete stadium.

Thank you.

Um and then at the at the last meeting, uh, which I apologize that I wasn't able to attend, but I know that the the sports authority passed resolution SA 041, which authorized the remaining 307,000 uh 486.33 cents to be available for utilization as we need in order to be able to close out these various contracts since that meeting.

Um we have had one ex uh one expense that's been authorized to EPB uh in the amount of sixty-eight thousand five hundred and seventy dollars and eighty-four cents, and that's for us a uh some transformer relocation that was necessary in the riverwalk area in order to be able to provide power to a portion of the riverwalk and the powerhouse and the scoreboard.

So that's that's what's there.

We will have some further updates at as we continue to go through close out of the project over the next several weeks and months.

Uh we still have 30 days worth at least of punch list and close out with our contractors.

We still have a lot of contracts to close out, so we'll be continuing to make updates to the board throughout the summer as we close in on uh getting everything closed out.

So uh this is a photograph.

Um while I mentioned certificate of occupancy uh has been obtained.

Uh the team actually had ability while even though some things were not quite ready for the public to be in the building, employees and players could be in the building, and so on on April 1st the team did have batting practice, uh, which was which was uh great for us to be able to achieve that to be able to get a temporary uh or conditional certificate of occupancy for them.

And I believe that is the last slide.

So happy to answer any questions, uh provide any additional details the board may have may ask.

Uh would you mind talking a little more about parking, like how much parking there's gonna be, how many spaces?

Sure.

Um so uh under the under the master parking agreement um there are there are two main lots.

Uh they roughly combined have about 2,000 spaces uh in them.

Um and so one of them is located um uh just to the north of 26, the other one is uh can you access off of 28th.

So uh there'll be access uh to that northern parking lot from either uh 25th, 26th, or from Chestnut Street, and then the 28th, um the 28th Street lot, which actually is is the larger the lots, that one you would go down Broad Street to 28th, and then be able to turn in and be able to get into that lot, and then from there it's a very short walk down the river walk in order to be able to get there.

Um of course from the team's perspective, you know, players, staff, and others, they also have some additional dedicated parking, which is sort of a round back off of pipeway uh coming around that that they'll be able to utilize, utilize that uh, you know, for umpires and other other needs that they have as the team, which will be separate from the public from the public parking.

Bill, could you talk a little bit about like the team facilities kind of location of uh bull pens, like where the teams take BP, things like that?

Yeah, um happy to do that.

Uh looking to see what we can so um on the on the right side of this photograph where you see the sort of the the yellow grid.

Um it looks like a yellow grid, it's really the yellow stripe across the top, but then it has those vertical bars in it.

That's actually uh both the the home and the visiting bull pins are both in that location, so they're underneath uh the right field concourse.

Um the batting practice uh batting cages uh are actually inside on the bottom level of the first base building.

So they're actually uh in a below even though uh yeah, third base, thank you.

I don't know why I don't know why I always have trouble with that.

I love baseball, and somehow or another on this somehow or another on this project I confuse that uh more often.

I don't know why that is.

Um but uh underneath um underneath on the third baseline, and they actually are open to the air on one side, so they actually do get some natural some natural airflow.

Um if you were to drive around once once 26th and pipeway are open, um, and it's you know not a not a major traffic day and whatnot in in that particular area.

You if you drove past, you'd actually be able to see inside the batting uh the batting cages as you go through.

So yeah, I mean that big upgrades for player you know experience as well, right?

Yeah, certainly.

And I it I can I I can't speak to what uh what the differences are between ATT uh field versus this location.

I'm certain that it's probably enormous, and Jason, Jason probably couldn't he could definitely speak to that much better than I could, but uh it is but from everything I've been through, it's a it's a fantastic facility in terms of in terms of what's been there.

So I don't know if you've got anything you want to add to that in terms of facilities and stuff.

I'm gonna have it answer any questions about the the team facilities.

Yeah, no, you're good.

All right.

Yes, go ahead.

Maybe there's one thing I will say, which is um so you know, as I think you know, one of the one of the issues that we've had with ATT Field is that it was not compliant with Major League Baseball's rules.

Um just to give you an idea how not compliant.

We were allowed to have an existing facility nine or fewer points on this matrix that Major League Baseball has.

Uh ATT Field had 173.

So we were, you know, many orders of magnitude shy.

What we have done with the new facility though is not just meet major league baseball standards with plan for the future.

For example, um, you know, even 10 years ago when ballparks were built, there were no women coaches, very few women trainers, no women umpires.

That's all changed in the past decade.

Um and you know, facilities were not built with separate uh you know, stadiums were not built with separate facilities for um you know people of other genders coming and working at the ballpark.

So one thing that Major League Baseball requires now is that you have a female locker room.

But if you think about it, it's entirely possible, and it happens all the time now, where there may be some females that are working for the visiting team, some working for the home team, and you may have a female umpire too.

And if you have one female locker room, you're sticking them all in the same locker room.

Imagine if we tried to stick the home and visiting team in the same locker room.

You know, nobody would want that.

So we actually have built in this ballpark, even though it's not required by Major League Baseball, we've built three female locker rooms.

You know, we think it's the right thing to do.

I'm also pretty certain that at some point in the next decade, they're going to come back and say, it's crazy to stick, you know, opposing teams, people in the same locker room.

You've got to have three of these.

So we've we've tried to have some foresight here, um, just looking at where we think things are going.

So we've planned not just for the current set of um requirements, but what we think is coming in the future.

So hopefully we're we're well ahead of the game.

I'm sure there's tons of little finishes that need to be done, but I mean, is there any major hurdles left that need to be cleared?

No, I don't uh all the major hurdles are complete.

You know, everything's safe for the public to be able to come in.

There will wind up being you know some punch list items.

Um there's there's gonna be a lot of touch-up painting, for example, um, you know, a few things here and there, you know, needing to add a light switch or a light control in some place that needs to happen because it's we've determined that it was it was missed somewhere along the way.

Those those types of things will happen over the next probably you know, call it four weeks or so, uh, trying to get things painted and get everything sort of buttoned up to the very final um level of of what's expected, but in terms of being able to be functional and operational um for its intended purpose, which is having having minor league baseball games open to the public, we are absolutely ready for that.

Right.

Any other questions for Bill?

Thank you for your work.

Our pleasure.

So Clay and Clay Oliver and Jeff Spiver are here with me, and I know they've they've been uh honestly like irreplaceable for me.

So I certainly appreciate their work and all their hard efforts.

They put in a lot of extra time on this project.

I've been there to come through, see things.

I signed my name on an awful lot of stuff in order to keep keep a lot of the paperwork moving, but they've been there to actually see all the all the pieces and make sure that a lot of stuff comes together.

So we've had a very good relationship as well with Jason and Rich from the Lookouts as well as Andy and his team from the side.

Honestly, it's this is one of those that as complex as the as the financing arrangement and all the agreements were.

It was the only way that we were going to be able to pull this off.

So I mentioned it at the beginning.

You know, we're we got the certificate for occupancy, we're ahead on time.

Our contractor found ways to save us money, which helped us with a lot of other things that needed to be dealt with during the contract, and so that's a testament to everybody's ability to cooperate and work together on this.

So much appreciated.

Thank you all.

Yeah, thank you to everybody.

It looks incredible.

Well, I I echo that, of course, but how do you compare this to both wagons?

He also did those wagon guys.

I got more sleep on this project.

Did you?

Okay.

Um I got quite a bit more sleep on this project.

Uh so there I honestly haven't haven't been through what we what we delivered with uh with VW.

Um I did not have nearly as many.

Um this one, this one was probably a lot more complicated and definitely a lot more complicated, I think, in terms of the financing and the way a lot of the contracting happened.

So that part was a was a lot more, but um I did not have any 2 a.m.

phone calls and emails from Germany on this one.

So I'm I'm I'm very like this one.

This one seemed a lot easier in that respect, but maybe that's just because I already had the other one under my belt.

So thank you for that.

Wow.

You you've always been my super guy at the city.

And I want to also, as I always do the as you said, the financing was somewhat complicated.

The finance department is always very crucial and the city attorney's office.

So we appreciate all of you.

Thank you.

Thank you very much.

Okay, item seven, we'll do a TIFF update by Charita Allen.

Good morning, Chair and Board.

I'm Sheree Allen, Senior Advisor for Economic and Workforce Development for the Mayor's Office.

Um, I am over economic development, and my colleagues and I oversee the TIFF and pilot programs.

And so as it relates to TIFFs, we're the ones that do the monitoring and the compliance as it relates to development agreements, but then we also do the monitoring and compliance as it relates to development in the overall district, because tracking that is what generates the property taxes that go for the funding of the stadium.

And so today today I just want to give a quick highlight and overview of how we look at things from an economic development standpoint, and particularly how we're looking at the financing and the future development.

So we'll start with financing sources, we'll talk about the pledge revenues.

Obviously, we're going to revisit this.

This was seen back when the TIFF was approved.

And then we're going to talk about revision revenues and obligations for the Series A bonds.

That for 2026, 2027, and then projected for 2028.

That's important from an economic development standpoint because again, we're looking at city-county property taxes and how those fund those Series A bonds.

So let's look at financing uh sources for the stadium.

So again, we've got the Series A, that's paid for by the uh city-county tax increment again, and also the sales tax.

Then we're looking at the Series B.

That one is paid annually by the team rent.

Um, we've got the Series C bonds.

We're looking at that paid by city increment only.

So if you're thinking about Series B, Series C, those have dedicated funding sources that do not involve county revenues, and and again, we'll we'll look at some of that.

And then direct placement notes and then the team contributions.

So if you're looking at the financing for the stadium, those are the sources that that we would be tracking from an economic development standpoint as it relates to development that happens in the district.

And then let's look at the pledge revenues.

Um, here you've got the TIFF map.

So again, city-county revenues on that.

We've got stadium revenues that we'll be reviewing.

We've got city and county sale uh tax increment, and then we've got the rent payments.

The items in green all generated revenue in 2025 and or 2026.

Looking at that.

So let's look at the series A bonds.

So if you uh as Paul mentioned earlier in the previous report, there was a the net interest earned on the bond proceeds was 3.6.

Here I'm showing the 2.76 because a million, there was a net a million dollars of that went into the stadium project.

Property tax increment, 506,000 of that came in.

Some of that that increment covered the Series C bonds, so we're looking at 192,000 here.

We're estimating property taxes for 2026.

We'll have that final number in June.

Uh June 1st, those funds will go into separate accounts at the sports authority.

There's an account for city tax, and there's an account for county tax.

So those funds will come in.

We're projecting 572 on that, but again, we'll have a final number soon.

Uh June 1st.

And then estimated sales tax.

So again, this is sales tax on food and beverage, ticket sales, merchandise, all those things that will happen at the stadium.

So we're estimating, and this is a very conservative estimate, 500,000 for that.

So we're looking at total revenues for 2026 that would be available to service debt at 3,864,000.

And then as it relates to the Series A bonds, we're showing that there's no there's no debt obligation due on that.

So we're carrying over into 2027 3,864,000.

Okay.

So we're looking at 2027 now.

We've carried that over, and then we're we're estimating the property tax again because we don't have the final number from 2026.

We're estimating for 2027, and we're just assuming no increase at this point.

Once we get to June 1st, we'll know where we were for 2026, and we can then then project or estimate, have a better guess at what we're looking at for 2027.

So again, 572,000 there.

Again, combined city county sales tax uh property tax increment, and then keeping in mind school taxes are withheld from that.

Uh, there's uh debt service obligation withheld from that, and then administrative fees are pulled out of that.

So while it says property tax increment, it's a portion of the property of the increment, it's not the entire increment.

So again, we're looking at 5,236,000 projected revenue for 2027.

Again, a conservative estimate would love to project higher, but but we're going conservative on that.

When you look at the sales tax, that estimate right now is 800,000.

That's accounting for a full year of sales tax that's going to happen within the stadium.

When we looked at the 2026, that was an April to December proper uh sales tax estimate.

And so again, we're we're accounting for a full year here.

And then if you look at the debt service, so there's debt services that's due on the series A bonds of 4,566,000.

Um, so again, once we look at the revenues coming in, the debt services due, we're looking at 670,000 that will that will be left over that we're going to carry forward into 2028.

And then let's look at um series A bonds in 2028.

And so at this point, we're we're calculating a carryover from 2027.

We know there will be additional tax increment.

There are too many variables for us to forecast what that's going to look like.

We know that we will have an increase in sales taxes, not just from the existing stadium, but additional non-sporting revenue events that will be held at the facility.

And we know that we have new city development coming online, and we have other developments.

We don't know at this point when those will will hit the tax rules.

We'll have a better idea in six months from an economic development standpoint.

We're tracking that.

So we'll have a better idea in six months.

So what what economic development has asked finance to do is not forecast just yet for for 2028 until we have better information about all the other things that are happening on the ground so that we can pull that together.

And so again, we're looking at for the series A bonds based on the carryover, the additional conservative sales tax estimate, the property tax estimate.

We're we're expecting that the June 1st payment for the Series A bonds will be covered by available revenues, and then in six months, we'll have a better idea of where we stand with those additional those additional variables that that come into play here.

And that's just a general overview of you.

And again, from an economic development standpoint, we're tracking all of the development that happens in the district because all of that development drives the city and county property tax, it goes towards the bonds, and we want to make sure that happens.

And so my future presentations will be on what developments happening in the district, what does that look like, what parcels have been activated, what parcels are remaining, those kinds of things.

But this is just sort of a baseline presentation from an economic development lens moving forward.

And I'm open to questions, and I'm gonna ask for backup from my finance if I need that.

Um I want to start that this was great for me when I got it and read it.

It was it answered questions that I had from the finance report.

If you go back to a couple of slides on this back, no forward.

Okay, on this slide, uh the debt service interest and principles for 2027.

Uh no, go back to the capitalized interest piece.

Okay, maybe it's farther back.

Here um those that zero there.

I'm a I hope I'm right here, but the report that we have makes it look as if and I hate things to look like we're operating in a deficit because I know we're not.

Um it has 600,000 that looks like we're operating in a deficit, but I'm hopeful that that's because the debt service that is capital that is paid from capitalized interest is included here, but in reality it was already planned for, so it does not have to come from income.

Yes, and eventually it will be capitalized, meaning yes, right.

Just wanted to make sure when I saw that that answered that question, and I it made the and this is a great report, by the way.

Thank you.

Thank you.

And uh the complexity of all of the financing uh just transfers over to the complexity and the financial accounting and the economic pieces.

Do you can you tell that I have a bias for finance?

Thank you.

Thank you.

No other questions?

It's hard to follow, Miss Madison.

I suppose not.

Thank you.

Thank you.

She's not gonna do it.

Okay.

I do have another question.

It's not necessarily for you, but um I guess maybe a month ago or less the board members received a letter from Hamilton County attorney regarding um the progress of this this project and they unpacked that they thought based upon their interpretation of the contract that maybe they were reading from that this entity or this project was not proceeding as planned or as suggested, and that it was gonna cost them tax dollars that they had not anticipated.

We have also received a a letter of response from our attorney.

I guess it's not our attorney, somebody's so whose attorney was it?

I'm not sure that he will handle that.

Was it from a perimeter?

The remnants attorney.

So I just wanted to sort of for the purposes of this meeting, uh, just ask if all of that is settled, or the is the county uh now at ease and at rest.

The questions and concerns have been addressed properly.

Uh so I can just speak on behalf of what we're doing.

And I think you know, you guys can see it here.

You can see out what's going on in the field, and it's been it's a process, right?

Development is a process, and we talk about this all the time.

So we are the holders' primitive property, you know, we are the ones who signed the development agreement to help new city and to I will I don't want to use the word force, but to make sure that they're making continual steady progress towards groundbreaking, and they are on track and on time to do exactly what they say they're going to do.

And so we're very pleased with that, and that's what that letter really documented back to everybody.

So you know, we we consider the matter closed, uh, and we're doing what we need to be doing, and uh, you know, obviously opening days happening next week.

You saw from the last slide here, you know, the taxpayers are not out dollars, right?

We're seeing that the hard work of everybody in this room allowed for the project to come in with surplus in the bank to be able to cover uh shortfalls in the early years.

I mean, this is incredible, like this is a milestone.

Uh so we're very pleased with our development partner and the progress they're making towards going vertical on their multifamily in office.

Okay.

Yeah, we I think we thought your response was great and made sense.

Um, but to your understanding, like the county is satisfied.

To our understanding, yes.

Okay.

And I'll add what's important CFO for city of China goes.

So the city is handling kind of the finance for the project, but we've been working with the county, especially here recently, just communicating back and forth, sharing our projections, trying just to make sure that we stay on the same page as it kind of progresses.

As Sharina mentioned, we're still there's variables at play, but as those things come more solid uh solidified working with the county just so that we're all on the same page of where we're at with the TIFF and the increment coming in and the financing piece of it as well.

Okay.

Thank you.

Thank you.

I felt comfortable after after that written the response, but I just wanted to make sure I'm very comfortable.

I agree.

Um any other business.

Well, this is huge for Chattanooga.

I think we're all very excited.

Uh we've got a hot team, right?

They're they've won the past five games coming into a new stadium.

So I feel a little cheesy saying this, but let's play some ball.