Chattanooga will be getting a new baseball stadium and city officials have called the project a “home run for the community” despite economists’ questions on the numbers touted by stadium supporters.
The Chattanooga City Council approved the deal at its Tuesday night meeting, creating a stadium authority and allowing that authority to bond up to $80 million at a rate up to 6% for 30 years for the projected $79.5 million project.
“When Chattanooga revitalized its downtown following the construction of the aquarium, which I might add happened despite vocal opposition from the same predictable quarters, cities from all over the world sent delegations here to study what we did and how we did it and I feel sure the same thing will happen again,” Chattanooga Mayor Tim Kelly said.
The city and county will each reportedly contribute more than $1 million to the deal initially. The bonds are then expected to be repaid through $49.8 million worth of property taxes from the site, $17.5 million worth of lease payments ($1 million per year), an estimated $5 million in sales taxes retained by the team after it was approved by Tennessee lawmakers and an estimated $3 million in parking fees.