Exciting Developments on the Horizon for Chattanooga’s New Ballpark
Chattanooga, the vibrant city known for its scenic beauty and rich culture, is gearing up for an exciting new chapter in its sports history. The Chattanooga Lookouts have announced the finalization of a $17 million loan as part of their financing package for the planned new ballpark on South Broad. This news was shared recently, bringing a wave of excitement to both sports fans and community members alike.
Funding Success and Community Support
According to officials, this private loan involves a consortium of local financial institutions and will be utilized by the Chattanooga-Hamilton County Sports Authority to assist in constructing the new stadium. It’s a part of the larger $115 million project aimed at replacing the aging AT&T Field downtown, which has served its purpose for quite some time but is now set to make way for something entirely new and thrilling.
This loan is a testament to the community’s confidence in the project. Led by FirstBank, the financial institution that headed the lending syndicate, the group also includes Tennessee Valley Federal Credit Union, SmartBank, Citizens Tri-County Bank, and WesBanco Bank. Each of these institutions is excited about the potential benefits this new ballpark will bring to Chattanooga.
Transforming South Broad
Jason Freier, the managing owner of the Lookouts, expressed enthusiasm about what this project means not just for the team but for the community as a whole. He stated, “Now it’s time to build something remarkable that will revitalize the South Broad District and benefit the entire region.” It looks like Chattanooga is on the brink of something special!
Additionally, Jim McKenzie, market president for FirstBank, compared this development’s potential to that of the Tennessee Aquarium when it transformed the riverfront area downtown 32 years ago. He believes that the new stadium will bring a much-needed revitalization to a currently rundown site, turning it into a fresh, vibrant, and visually appealing area.
How Will It Be Funded?
In a noteworthy move, a significant portion of the funding will come from $80 million in taxable and tax-exempt bonds, which were sold recently. The clever plan is for these bonds to be paid back mainly through new city and county tax revenue generated by the stadium development. It’s a smart financial strategy that anticipates growth and economic benefit.
The Lookouts are also stepping up to the plate, contributing $3 million in non-reimbursable cash for construction. Not to mention, the club will commit to paying at least $1 million per year in rent over the next 30 years. They will also handle operating, maintenance costs, and any cost overruns associated with constructing the stadium. It shows a strong commitment to the community and the area.
A Bright Future Awaits
Mark your calendars, baseball fans! The planned opening for this multi-use stadium is set for April 2026. It promises to be a place where memories will be made, families will spend time together, and the spirit of community and sports will thrive.
Chattanooga Mayor Tim Kelly, along with other city officials, highlighted the ballpark’s potential as a crucial factor in a larger vision for the area. They predict that this development could play a significant role in igniting over $1 billion in new development in and around the 140-acre U.S. Pipe/Wheland Foundry tract.
Looking Forward
The plans are ambitious, and with strong backing from local institutions and the passionate community, it seems like Chattanooga is well on its way to turning these dreams into a reality. Whether you’re a sports enthusiast or just excited about revitalizing the area, there’s a sense of anticipation in the air.
Stay tuned for more updates on the construction and all the exciting events that will follow as Chattanooga continues to grow and evolve!
