Agenda Items & Discussion

Approval of Minutes

The board unanimously approved the minutes from the April 9, 2026 meeting. No public comments were submitted.

Financial Progress Report – May 31, 2026

Josh Pussian (filling in for Mr. Boland) presented the financial report through May 31, 2026. Key figures from the inception-to-date sources and uses statement included:

• Construction costs approaching $100 million
• TIFF increment received: $1.3 million over the last two years from triggered parcels
• Interest on proceeds: $3.8 million
• First rent check: $500,000 received from the team; another $500,000 expected later in 2026
• First sales tax check: $96 (for March, while the stadium was still under construction)
• Capitalized interest: approximately $4.9 million drawn from borrowed, set-aside funds

Board members asked clarifying questions about whether the report was inception-to-date or year-to-date (confirmed inception-to-date, covering roughly two to three years) and about the nature of capitalized interest. Staff committed to reconcile the difference between contract costs and total project costs, noting that some early due diligence expenses may not be captured in the contract cost figure.

Construction Status Update

Staff reported that overall construction is substantially complete. Remaining open items include:

• Final placement of stockpile material from the US Pipe site into its permanent location along West 26th Street, as part of a continuing coordination arrangement
• Final landscaping along West 26th Street and the Riverwalk, deferred until after opening day; subcontractors have returned to complete plantings on non-game and road-trip days

The board discussed whether total contract costs (approaching $86 million) would trigger the cost overrun guarantee once all contracts are closed out, with staff noting the answer will be known after final contract closeout.

Brownfield Voluntary Agreement – First Amendment

Board members raised the Brownfield Voluntary Agreement (BVA) with TDEC (Tennessee Department of Environment and Conservation), entered into jointly by the Sports Authority and the property owner. A first amendment was required to be executed by June 1, 2026; the chair signed the necessary document in May. Staff acknowledged the item was not highlighted on the agenda and committed to proper documentation going forward.

Key Decisions & Votes

• Minutes approved: April 9, 2026 meeting minutes approved unanimously (motion, second, all in favor).
• Brownfield Voluntary Agreement Amendment acknowledged: The board acknowledged the chair's execution of the first amendment to the BVA with TDEC; a member noted the need to confirm ratification if required by the agreement.