Skip to main content
Tuesday, November 3, 2026Nov 3
Subscribe
All Sections
Search
More

This story is exclusive to subscribers.

Why Chattanooga taxpayers will pay unknown amount for Lookouts stadium debt

Staff photo by Matt Hamilton / On Oct. 9, 2025, Lookouts President Rich Mozingo and the Rev. Ann Weeks look on as Perimeter Properties partner Andy Stone leads a tour of Erlanger Park.
Staff photo by Matt Hamilton / On Oct. 9, 2025, Lookouts President Rich Mozingo and the Rev. Ann Weeks look on as Perimeter Properties partner Andy Stone leads a tour of Erlanger Park. Staff photo by Matt Hamilton / On Oct. 9, 2025, Lookouts President Rich Mozingo and the Rev. Ann Weeks look on as Perimeter Properties partner Andy Stone leads a tour of Erlanger Park.

By Daniel Dassow 12 min read


Taxpayers in Chattanooga and Hamilton County know down to the penny how much it will cost to pay off public debt that covered the original $80 million price tag for the Lookouts minor league baseball stadium under construction.

But an additional $26 million in private loans that helped close the deal after costs rose to $115 million in 2024 come with an unknown total repayment cost, and city taxpayers could contribute tens of millions to cover interest on the loans even if interest rates do not rise.

During years of negotiations on how to fund the publicly owned venue, the total repayment cost of the stadium, with interest, received little public discussion. This is typical for any major purchase funded by debt, and the total borrowing cost is not the price of the stadium today.

Why Chattanooga taxpayers will pay unknown amount for Lookouts stadium debt

Staff photo by Matt Hamilton / On Oct. 9, 2025, work continues on Erlanger Park. Private loans up to $26 million for the $115 million stadium could be paid off entirely by new city property tax revenue from surrounding development.
Staff photo by Matt Hamilton / On Oct. 9, 2025, work continues on Erlanger Park. Private loans up to $26 million for the $115 million stadium could be paid off entirely by new city property tax revenue from surrounding development.
Staff photo by Abby White / On Sept. 22, 2025, Chattanooga Mayor Tim Kelly listens during a the tour of Erlanger Park. The Chattanooga Lookouts and the city of Chattanooga hosted a delegation from Fort Myers, Fla., for a tour of the facility.
Staff photo by Abby White / On Sept. 22, 2025, Chattanooga Mayor Tim Kelly listens during a the tour of Erlanger Park. The Chattanooga Lookouts and the city of Chattanooga hosted a delegation from Fort Myers, Fla., for a tour of the facility.
Staff photo by Abby White / On Sept. 22, 2025, Chattanooga Mayor Tim Kelly, left, and Fort Myers, Fla., council member Darla Bonk listen as Perimeter Properties partner Andy Stone discusses the progress of Erlanger Park. The Chattanooga Lookouts and the city of Chattanooga hosted a delegation from Fort Myers, Fla., for a tour of the facility.
Staff photo by Abby White / On Sept. 22, 2025, Chattanooga Mayor Tim Kelly, left, and Fort Myers, Fla., council member Darla Bonk listen as Perimeter Properties partner Andy Stone discusses the progress of Erlanger Park. The Chattanooga Lookouts and the city of Chattanooga hosted a delegation from Fort Myers, Fla., for a tour of the facility.
Staff photo by Matt Hamilton / On Oct. 9, 2025, work continues on Erlanger Park. Private loans up to $26 million for the $115 million stadium could be paid off entirely by new city property tax revenue from surrounding development.
Staff photo by Matt Hamilton / On Oct. 9, 2025, work continues on Erlanger Park. Private loans up to $26 million for the $115 million stadium could be paid off entirely by new city property tax revenue from surrounding development.
Staff photo by Matt Hamilton / On Oct. 9, 2025, Lookouts President Rich Mozingo and the Rev. Ann Weeks look on as Perimeter Properties partner Andy Stone leads a tour of Erlanger Park.
Staff photo by Matt Hamilton / On Oct. 9, 2025, Lookouts President Rich Mozingo and the Rev. Ann Weeks look on as Perimeter Properties partner Andy Stone leads a tour of Erlanger Park.
Staff photo by Matt Hamilton / On Oct. 9, 2025, Lookouts President Rich Mozingo and the Rev. Ann Weeks look on as Perimeter Properties partner Andy Stone leads a tour of Erlanger Park.
Staff photo by Matt Hamilton / On Oct. 9, 2025, Lookouts President Rich Mozingo and the Rev. Ann Weeks look on as Perimeter Properties partner Andy Stone leads a tour of Erlanger Park.

“If you get a mortgage for a home, the total cost of the house, if you count interest, will likely be at least double the purchase price,” Mark Mamantov, the Tennessee public financing attorney who drafted documents for the deal, said in an email. “But when someone asks what they paid for the home, they don’t say it is their total borrowing cost, they say the purchase price. That is because that is the correct amount in today’s dollars.”