The meeting of the Chattanooga sports authority board on June 11, 2026 focused on updates for the new stadium. The board received a financial progress report through May 31, 2026, a construction progress report from public works, and ratified an amendment to the brownfield voluntary agreement. No public comments were made.
Financial Progress Report (May 31, 2026) – Presented by Josh Paction (filling in for the finance director). Key points:
June 2026 Construction Progress Report – Presented by a Public Works representative (referred to as Bill). Key points:
Brownfield Voluntary Agreement Amendment – Board discussed that the chair had signed an amendment to the Brownfield Voluntary Agreement with TDEC, required by June 1, 2026, to reflect completion of work on the stadium property. The amendment was necessary because the original agreement involved phased work by multiple parties. The board moved to ratify the chair's action.
Morning. How's everybody doing? Morning. Great. Um, we'll move on to the approval of minutes for the April 9th, two thousand twenty-six meeting. All in favor? Any opposed. All right. Item number three, public comments. Is there anyone that would like to say anything? Okay. Move on to four. Uh presentation of financial progress report for May thirty first, two thousand twenty-six by finance. Good morning, everybody. Uh my name is Josh Paction. I'm filling in for Mr. Boylan today. He's and his wife welcomed their second baby girl. So he's at home enjoying some. Nice family time. Uh so today we've got the financial report through May. Um balance sheet has basically stayed the same. Mostly you got construction costs closing in on a hundred million. Um for our sources and uses, we've kind of switched been kind of the ever evolving uh financial report kind of move some things around right now. So we're showing um the full TIFF increment that we've received for the last two years, that one point three million. That's the uh parcels we've uh currently triggered. Um the interest is the interest on your proceeds, uh, three point eight million. Uh we got the team, we got the first rent check uh a couple weeks ago. Um so uh half a million dollars for the rent. We're expecting another half million later this year. Um sales tax, we got our first sales tax check in a whopping ninety-six dollars, but but no, that was for March. So, you know, uh stadium was still being constructed. I guess they were holding some events. Um we do have some preliminary numbers for the April sales tax. Uh, we're expecting roughly a hundred and thirty to a hundred and fifty thousand in sales tax for April. Um capitalized interest, that's you know, the money we set aside at the beginning to pay for the interest, um the interest payments while the stadium was being constructed. That's the full amount. We have not drawn that total, but that's that's what we have in the banks. So that's your total sources uh for our uses. You just got some interest payments that we're making on the bonds and some admin costs. Um also to note we you know, we did make another debt payment right after uh this report was um put together on 6.1 for 2.2 million. Um so any questions. That's the 2.2 is not reflected in these numbers, so but we just wanted to make a note of it. The projected sales tax for April is that in line with projections or uh it's I think it's probably a little bit more than what we were projecting. I mean it was opening week. Um yeah, great. Large crowds, so uh although it was only like I think a home stand and a half, so it wasn't even two full home stands in April. Um so yeah, but I think if it was more than what we were what we project. Okay, so this is really uh thank you guys for this revised presentation about it. The um increment this is since inception.