Sports authority hears stadium budget update, approves $307,004.86 for final expenditures

The Sports Authority met in early February 2026 for a financial and construction update on the South Broad stadium project and voted to authorize final disbursements from the project budget. A finance representative told the authority the fund balance as of Jan. 31 showed $106,000,000 in total assets — largely construction in progress — and $96,000,000 in liabilities, primarily outstanding bonds. The presenter said the finance report included a retainage amount of $2,500,000 and roughly $3,700,000 in bond interest earnings.

The finance presenter explained the income statement as cash received and cash paid, and said the report also breaks out debt-service and tax‑increment financing (TIF) receipts. Members asked for a simple net-surplus figure (net of inflows and outflows) to be included in the next report; finance agreed to add that line.

Project-level tracking showed a $115,000,000 stadium budget (about 77% complete per encumbrances and actuals), a $10,000,000 West 26th Street public-infrastructure budget (about 64% complete), and an overall project completion figure of 76%. Clay Oliver of Chattanooga Public Works said construction teams had installed sod and ribbon boards, switched to permanent power, completed elevators in some buildings, and received a temporary certificate of occupancy for team offices. He reported site-preparation expenditures of $7,150,000 of the $10,000,000 allocation; team‑supplied requests totaled about $15,300,000 with draws of about $5,100,000 and roughly $3,600,000 remaining in the team’s budget.

Members pressed whether the project would finish within budget; staff said soft costs (architect and related professional fees) may account for differences between percent-complete by dollars and percent-complete by physical work, and that more detailed soft‑cost figures could be supplied.

On a formal motion, the authority approved a resolution authorizing the city engineer to direct payments of the remaining unencumbered stadium budget amount of $307,004.86 to appropriate vendors, existing consultants and contractors, the sports authority, or to reimburse Pipe Properties LLC, Foundry Developer LLC, or Shadowing into Professional Baseball LLC in accordance with financing documents previously approved by the authority. The resolution directs the city engineer to report back on distribution of the funds after project closeout, acceptance of infrastructure and issuance of a certificate of occupancy. The measure passed by voice vote (members answered "Aye"; the record did not include a roll-call tally).

The resolution was described by staff as a procedural step to allow staff to contract for small final items between meetings; staff said they would return with a full accounting of expenditures down to the penny at a future meeting. The authority adjourned without further business.

Next steps: staff will provide the requested net‑surplus figure in the next finance packet and report on how the $307,004.86 is disbursed after project closeout and certificate of occupancy.