We’ll believe a deal on a mixed-use new stadium in the South Broad District is final when the Chattanooga City Council and Hamilton County Commission vote affirmatively on new spending for the project, when signatures are affixed to bottom lines of contracts and when bonds for construction are issued.
Chattanooga Mayor Tim Kelly and Hamilton County Commission Chair Jeff Eversole announced what a news release called “a final deal” on the stadium Monday. The deal reduced by $8 million the loans that must be paid back for the stadium’s $120 million construction cost.
According to the proposal, any additional stadium costs above $112 million will be the responsibility of Perimeter Properties (which owns the land) and the Chattanooga Lookouts (who will use the stadium).
Eversole finalized the deal without the knowledge of Hamilton County Mayor Weston Wamp, Deputy Mayor Corey Gearrin (the county’s previous stadium negotiator), Hamilton County Chief Financial Officer Lee Brouner and Hamilton County commissioners.
Kelly said the new agreement was a “better deal objectively,” “reduces exposure” for taxpayers and is “good for us to see some skin in the game.”