The Tennessee comptroller Tuesday issued a conditional determination that a plan to finance the proposed $79.4 million Chattanooga Lookouts stadium is in “the best interest of the state.”
But a letter sent to an attorney working on the project for Chattanooga and Hamilton County also calls for two requirements before a final determination is made by Jason Mumpower, Tennessee’s comptroller of the treasury.
One requirement calls excess tax increment revenues to be used only for “statutorily eligible purposes,” with an emphasis on a prompt return of property taxes to the city and county general funds. The letter asked for inclusion of that restriction in future bond documents.
Secondly, a final contract between the recently created city and county Sports Authority and the Lookouts should include the team’s unconditional commitment to make annual lease payments of a minimum of $1 million annually for 30 years, the letter stated. It asked for a copy of the final contract lease be filed with the comptroller’s office.