The South Broad development receives final stadium plan
CHATTANOOGA, Tenn. (WDEF) – Mayor Tim Kelly and Chairman Jeff Eversole announced the final stadium deal.
One main part of this new deal is that the TIF reimbursement was dropped from $120 million to $112. Mayor Kelly thinks this is good for the taxpayers.
He said, “Well essentially it means that there’s less exposure, less risk for taxpayers. We are getting the same pie just paying a little less for it and making sure it gets paid for sooner.”
Other parts include a $3 million upfront payment from the Lookouts and any cost over the $112 million will be the responsibility of Perimeter Properties and the Lookouts.
Mayor Kelly said, “It’s possible there are some genuine and honest misunderstandings about how this actually works. I am fully confident with my background and experience that this is a great deal for all parties and I’m 100% confident in it.”
Hamilton county Mayor Weston Wamp says he was not invited to the press conference.
His office released this statement.
Chairman Eversole confirmed he did not personally invite the mayor. Yet Chairman Eversole wants communication to be open.
He said, “I want to communicate with Mayor Wamp. I have no gain from this. It’s not about me, it’s about what we can do to get this project underway if we are going to do it. If we are not going to do it, then let’s say no and move on.”
There is an urgency to finalize plans.
Mayor Kelly said, “We are probably already going to miss opening day. Major league baseball is watching this very closely. That was our goal was opening day of next year. We are unfortunately already going to miss that deadline, but time is of the essence, and we need to get this thing done.”
Yet if parties can’t agree “there is no other plans. If the stadium deal falls through, then we are back to square one and hopefully something can be worked with another developer. I don’t know,” said Chairman Eversole. “We just need to make a decision. If you polled the random citizen in Hamilton County whether you’re for or against it, we are tired of talking about it. Let’s make a decision and move on. That’s what I want.”
The final stadium deal will go in front of City Council Tuesday, and County Commission Wednesday.
