Knoxville multi-use stadium funding confirmed, project moving forward
The funding plan for Knoxville’s soon-to-be multi-use stadium has been approved, according to officials with the city.
KNOXVILLE, Tenn. (WVLT) - The funding plan for Knoxville’s soon-to-be multi-use stadium has been approved, according to officials with the city.
That funding plan was originally approved at the beginning of the project, but was under slight reconsideration due to rising construction costs. Now, Knoxville Mayor Indya Kincannon, Knox County Mayor Glenn Jacobs and Tennessee Smokies Owner Randy Boyd have agreed to move forward with the original plan.
The three bodies agreed to a Guaranteed Maximum Price for the project of almost $114 million. Of that, the Sports Authority will issue $65 million in bonds. Additionally, Boyd himself has committed funding towards the project to cover rising costs, officials said.
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“The key takeaway for Knox County citizens is that the City and County’s financing plan hasn’t changed, and it won’t, even though the price of the stadium has gone up,” Jacobs said. “Every proposed construction project from homes to commercial development is more expensive now than last year because of construction costs, interest and inflation; that doesn’t change anything for us, even though the Stadium project has also felt those impacts.”
Kincannon released a statement saying the stadium will improve the Knoxville community by bringing entertainment and jobs to the area.
“The public stadium will be the catalyst for hundreds of millions of dollars in new private investment, which will in turn grow our local economy and create jobs,” Kincannon said. “Specifically, this will create new opportunities for wealth-building in East Knoxville. And while the stadium will be a great new public amenity in a part of the city where disinvestment has occurred for far too long, the many new events – professional baseball, soccer, outdoor concerts and much more – will also enhance our quality of life for all of Knoxville.”
The city had an independent group analyze the possible benefits of building the stadium. That group reportedly determined the project will bring in $480 million over the next 30 years and create 3,000 jobs between construction and stadium operation.
Now, construction is ready to move forward after the architecture firm meets one more time with the board. A groundbreaking is scheduled for this spring, with a 2025 opening.
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