• [6:30–6:43] Meeting opened; brief greetings.
• [6:43–7:03] Motion to approve minutes. Motion by (unidentified), second by (unidentified). Voice vote: Ayes, no opposition. Minutes approved.
• [7:03–7:17] Chair opened floor. No speakers. Proceeded to reports.
Presenter: Josh Mccachi (for Mr. Boland)
• [7:19–7:51] Report structure updated: Balance Sheet and Income Statement separated; new Debt Service section added for visibility as payments begin.
• [8:20–8:40] CIP (Construction in Progress) increased from ~$26,000,000 to ~$36,000,000, reflecting ongoing stadium asset build.
• [9:03–10:07] Corrected handouts provided; on-screen version to be ignored due to earlier formula/reporting pulls.
• [9:47–10:09] Stadium budget status (as stated): Budget $15,000,000; ~$42,000,000 spent; ~$43,000,000 in open POs; ~$28,000,000 remaining; ~75% of total (actual+encumbered) utilized.
• [10:13–10:35] Public Infrastructure (W. 26th St., stormwater, sewer, hotel/motel funds): $10,000,000 budget; ~58% used; ~$4,220,000 remaining.
• [10:39–11:06] Board recap on remaining capacity: ~25% left on stadium funds; ~42% left on public infrastructure; combined ~74% used (~26% remaining).
• [11:14–11:40] “On track?” question: Presenter could not confirm; suggested Bill could follow up; believes tracking appears on course given spend/encumbrances.
Presenter: Bill Payne, City Engineer (City of Chattanooga)
• [11:51–12:23] Prepared update included for the record; site tour scheduled after this meeting.
• [12:23–13:21] Powerhouse: Right-side addition built; roof installed; ongoing work on remainder. MEP rough-ins progressing; large water heaters/boilers placed. Finishes started at team level of 3rd-base building. Steel painting and roof installs across buildings. Team store demolition/skin removal underway.
• [14:15–14:35] Batter’s Eye Club: Field-side storefront glass fully installed; all light poles installed.
• [14:47–15:04] Concourse/flatwork: Much installed since late-Sept photos; visible progress beyond images shown.
• [15:08–16:32] Budget/cash flow tracking: Early months aligned with EMJ cash flow; recently running under estimates due to unused allowances in GMP (design not final at GMP approval). This provides flexibility; budget remains tight but comfortable per staff, with board-authorized contingency acknowledged.
• [16:38–17:16] Bond cost view includes soft costs/due diligence in addition to construction, so differs from EMJ-only construction cash flow.
• [17:20–18:34] Infrastructure tracking (W. 26th St.): Categories—General Fund, Stormwater, Wastewater. Stormwater mostly spent (new line under I-24). Wastewater payments increasing as work advances. Roadway construction about to start. Site prep & team-supplied equipment have remaining balances but expected to be fully utilized by closeout.
• [18:37–19:07] Additional late-Sept site photos reviewed; no further questions.
• [19:30–20:02] Form 8283 (Non-Cash Charitable Contributions): FYI item—executed by Chair for PIPE Properties records; described as a state-required filing in accordance with Tennessee law. No action requested.
• [20:04–20:07] With no further business, meeting adjourned.
