Stadium site
Work is getting underway on the Southside Stadium at a former foundry site after $78.6 million in bonds were sold for the overall $115 million project.
Officials said the stadium that will be occupied by the Chattanooga Lookouts is still on track to open for the 2026 season.
Marcie Lewis, of the PFM firm, said there were two separate bond issues of $63,805,000 and $14,830,000.
She said over 40 investors were involved in the bonds purchase and there was a favorable interest rate of 4.658 percent, which she said was due to the strong credit rating of the city and county. She said, “There was a very strong market despite a heavy issue week.”
Ms. Lewis said, “There should be plenty of revenue to cover all of these bonds.”
She said it was decided to hold off a week from the original scheduled time of issue, and the bonds hit at a favorable time. She said there would have been a higher rate if the bonds were sold this week.
Bill Payne, city engineer, said there were some late construction cost increases and the amount available for the project will be $76,472,215.
He said some site work has already gone on at the site, including the demolition of one building and lead and asbestos removal. He said local contractor EMJ has begun awarding work to subcontractors.
Mr. Payne said a large new sewer line is being installed at the site. He said it will replace a combined sewer that meant all the rainwater at the site was going to the sewage treatment plant. He said other users around the stadium can tie on to the new line.
Andy Stone of Perimeter Properties, which has long held the old Wheland Foundry and U.S. Pipe sites, said the building that was taken down was the plant’s Cafeteria Building.
He said, “I hated to lose it, but it was behind the Power House and at the location where part of the outfield will be.”
Mr. Stone said the old trusses were saved from the building along with 194 pallets of old brick that will be used elsewhere on the development.
Other historic foundry buildings at the site will be retained, Mr. Stone said.
Power House and other foundry buildings will be reused