Summary of the Sports Authority of the City of Chattanooga and Hamilton County Meeting - June 12, 2025

• Overview
  • Date: June 12, 2025
  • Status: Quorum present, meeting led by substitute chair due to the absence of the regular chair.
  • Agenda: Approve April 10 meeting minutes, address public comments, review financial and progress reports, and pass a resolution.
• Key Points
  1. Approval of Minutes
     • April 10 Meeting: Unanimously approved after a motion by Reverend Week and a second by Miss Bonner, with no discussion or opposition.
  2. Public Comments
     • No public comments were recorded.
  3. Financial Report (Henderson Hutcherson and McCulla)
     • Brock Oliver, engagement partner at HHM CPAs, presented a clean audit for June 30, 2024, with $3.9 million in capital improvement projects (CIP) and $4.1 million in liabilities, reflecting a timing difference.
     • No material findings or adjustments reported.
     • A board member requested a copy of the management letter sent to the state, which Oliver agreed to provide to staff for distribution.
  4. Progress Report (Bill Payne)
     • Infrastructure Updates:
       • Completed Jack and Bore stormwater drainage line under I-24, diverting flow to the river and off the city’s combined sewer system.
       • Ongoing public sewer work for the stadium, funded by the city’s $10 million infrastructure package ($5.7 million in FY25, $4.3 million in FY26).
       • West 26th Street extension and Riverwalk improvements in final design stages.
       • Two private railroad crossings (West 26th Street and future crossing) being converted to public crossings, with $67,000 in preliminary engineering shifted to the city from Foundry Developer LLC’s agreement.
     • Stadium Costs:
       • $86 million authorized (bonds, loan, and $1 million interest), tracking slightly under projections with contingency funds unutilized.
       • Drone video (month-old, courtesy of Pike Properties and Brown Brothers) showed progress, with site visits noted as beneficial.
  5. Resolution
     • Approved a $975,000 increase to the guaranteed maximum price (GMP) for lighting fixtures, an administrative correction due to the team’s $19 million funding cap.
     • The team initially planned to fund all lighting but split costs, with the Sports Authority covering costs above $510,000, as per the lease agreement.
     • No budget or schedule impact, as funds were already allocated. Unanimously approved after a motion and second.
  6. Financial and Public Works Report (Paul)
     • Proposed combining financial and public works reports for efficiency, including budget vs. actual comparisons, to be presented within public works slides.
     • Board agreed, with Paul to address questions as needed. A separate budget page was provided, with plans to refine the combined format.
     • A board member reiterated a request for budget vs. actual comparisons, which Paul confirmed would be addressed.
  7. Private Development Update (Jim Irwin)
     • First phase involves a 290-unit multifamily building north of the stadium, purchased from Premier Properties, with design development (DD) drawings underway.
     • Renderings showed the project from the West 26th Street extension, featuring tempered glass facades in “home run territory” and an above-ground pool overlooking the field.
     • Progress continues despite economic challenges, with investor support. Further site activations expected by summer’s end, with interest from other developers.
     • Irwin emphasized the stadium as a future “signature” city asset, integrating Chattanooga’s history and communities.
  8. Additional Notes
     • A board member requested updates on Disadvantaged Business Enterprise (DBE) participation. No new data provided, but Bill Payne confirmed the issue remains active and will be addressed in future reports.
     • No specific mention of keeping individuals (e.g., Emily, Eric) in the loop for an RFP, unlike the prior meeting, as the focus was on construction and development updates.
  9. Adjournment
     • Unanimously adjourned after a motion, with no objections.
• Next Steps
  • Share the management letter with the board.
  • Finalize Norfolk Southern railroad crossing agreements and continue infrastructure work.
  • Provide updates on DBE participation and refine budget vs. actual reports.
  • Monitor private development progress, with potential announcements by summer’s end.
  • Schedule future updates from Bill Payne and Jim Irwin as needed.

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