Some financing documents still to be signed for South Broad Stadium

Renderings of the South Broad District.

CHATTANOOGA, Tenn. (WDEF)- As construction for the new South Broad Stadium has officially begun, the financing details are still being finalized.

At a meeting of the city’s Industrial Development Board, officials with the project say that several more documents will need to be signed by the IDB and the Sports Authority Board.

These include the selling of bonds worth up to 80 million dollars, which require loan documents to be approved by these boards.

Officials planned on those documents being ready this week for those bonds to go to market, but said they will wait until later this month.

“We basically had these documents ready, but the issue we’re trying to finalize and work through is, we don’t want to happen from a community perspective is that, while we’re building the stadium, there is any default on any of those things because we want to make sure that 19 million dollars is there when we need it,” said bond lawyer Mark Mamantov.

A community benefits agreement for South Chattanooga has also not yet been approved, but discussions between the Bethlehem Center and developers are ongoing.