State Rep. Gerald McCormick said he is dropping efforts to require non-binding public referendum votes before local governments can commit to using tax dollars to help pay for professional sports team stadiums.
Instead, the Chattanooga Republican is amending his legislation to set up a review process involving the state Comptroller’s office before cities and counties can agree to use future property and sales tax revenues to service bonds issued for the projects.
“We’ve amended it, still amending it, with input from various interested parties that generally own ball teams to make it where there is a process where the comptroller is involved and basically oversees the process,” McCormick said last week.
He said the intent is aimed at ensuring that whatever public obligations are made on such deals will result in taxpayers “getting a fair shake.”
The lawmaker introduced the bill and a companion measure this year amid public discussion involving the possible relocation of the Chattanooga Lookouts to the 141-acre U.S. Pipe/Wheland Foundry site located in the South Broad District.