During the meeting, several resolutions and their specifics were discussed, particularly focusing on the development of a multi-use stadium and related financial arrangements. Here are the key points from those discussions:
- Resolution for Change Order:
- Name: Change Order Number Two to the CM Contract with EMJ Construction LLC for the South Broad District Ballpark Project.
- Dollar Amount: Early release package number two amounting to $29,437 with an additional $1 million contingency, revising the total amount to $51,655,078. However, this item was requested to be withdrawn for timing alignment with financing documents and bond issuance.
- Memorandum of Understanding (MOU) Regarding Stadium Financing and Development:
- Name: Memorandum of Understanding Relating to the Financing and Development of a Multi-use Stadium.
- Discussed detailed financing plans involving city, county, and sports authority contributions towards the stadium's development, totaling an estimated cost of $115 million. This includes $80 million from bonds issued by the Sports Authority, supplemented by various sources including sales tax revenues, team rent payments, and tax increment revenues.
- Resolution for Promoting Inclusion of Disadvantaged Business Enterprises:
- Name: Resolution Regarding Utilizing the City of Chattanooga's Staff to Assist with Promoting the Inclusion of Disadvantaged Business Enterprises in Connection with the Construction and Operation of the Stadium.
- A resolution to use city staff for promoting diverse participation in the stadium's construction and operation phases, ensuring opportunities for minority and women-owned businesses as well as service-disabled veteran-owned businesses.
