Stadium Authority Board approves South Broad Stadium documents

CHATTANOOGA, Tenn. (WDEF) – The future South Broad Stadium has cleared one of its major final steps.

Multiple documents, including the lease for the stadium, were approved this morning by the Sports Authority Board.

That board will be the owner of the projected $112 million stadium, which will be the future home of the Chattanooga Lookouts.

While the majority of these documents are virtually complete according to developers, there still might be minor changes.

“We’re getting what I would call some minor wording changes from Major League Baseball (MLB). I think we’re 95% of the way there with MLB,” said bond lawyer Mark Mamantov who has been working on the financing of this project. “This is largely based on our lease in Knoxville which was the first lease MLB approved under their new Professional Development League (PDL) system so it’s kind of hard for them to object too much to something they’ve already approved but they are finding ways to do that.”

Groundbreaking for the stadium is scheduled for next Monday morning, July 15, at 10:30 a.m.