🕔 Call to Order & Admin

• 3:49 PM — Meeting called to order.
• Minutes (June 12, 2025) — Approved.
• Public comment invited; none offered at start.

📊 Financial & Project Updates

Finance Report — Paul Borland (City Accounting)

• Budget report reformatted into stadium costs and public infrastructure costs.
• Stadium encumbrances: $59M already committed, expected to move into actual expenses by next meeting.
• Third bank drawdown underway: $14M, reducing US Bank balance from $76M → ~$61M.
• Overall project funds remain healthy and within budget.

Construction Update — Sher Allen & Andy Stone (Perimeter Properties)

• Powerhouse, pattern shop, and third-base building renovations underway.
• Roof work, balcony steel, and riverwalk utility work progressing.
• Drone footage showed visible stadium progress; concourses open, interiors framed, utilities advancing.
• Riverwalk closure: required for utility installs; goal is to reopen in Q1 2026, weather-dependent.
• Project remains on schedule despite heavy rainfall; drainage system working effectively.

📑 Resolutions & Change Orders

Item 5 — Architect Change Order (B23001101)

• Revisions: raised field level by 10 ft (groundwater contamination concerns), powerhouse/pattern shop/3rd base adjustments, kitchen equipment revisions.
• Cost: $735,906.75 (offset by $400K contingency; net delta ~$335K).
• Approved (unanimous).

Item 6 — SNME Construction Materials Testing Change Order (D23001302)

• Adds expanded inspections (esp. 100% weld testing vs. original 10%).
• Cost: +$143,615; total contract = $327,262.
• Still within budget; driven by structural engineer’s discretion.
• Approved (unanimous).

Item 7 — Payment to Pipe Properties (Escrow Agreement)

• $167,862 payment covering site prep carrying costs.
• Funded by interest accrued on bond funds (per 2024 escrow agreement).
• Clarified that accrued interest belongs to PIPE per contract, though members asked for this to be reflected in project accounting.
• Approved.

Item 8 — Chattanooga Gas Agreement

• Extend natural gas service across riverwalk to ballpark for food operations.
• Cost: up to $80,251.
• Approved.

💬 Board & Public Discussion

• Unallocated Funds: After change orders, ~$300–500K remains unallocated within $86M stadium budget (separate from contractor contingency).
• Savings: Some redesigns reduced construction costs; EMJ’s contingency untouched to date.
• Public Comment (Sean Stallings): Asked about TIF revenue to cover bonds.
  • Admin confirmed: Increment already generated; first batch of ~70 parcels triggered. More properties to be added within 3 yrs of stadium opening.
  • Board requested regular TIF revenue vs. projection reports in future meetings.

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