Taxpayers on hook for $65 million of new downtown stadium
That GMP is $114 million and is funded by $65 million in taxpayer money through a bond release, and more than $30 million from Boyd.
KNOXVILLE, Tenn. (WVLT) - Monday morning the City of Knoxville, Knox County, and Owner of the Tennessee Smokies Randy Boyd announced the group has agreed upon a Guaranteed Maximum Price for construction of the downtown stadium.
That GMP is $114 million and is funded by $65 million in taxpayer money through a bond release, and more than $30 million from Boyd.
The stadium, planned for the east end of the old city, is set to employ nearly 3,000 people during construction and 400 people permanently.
”The good news is that people want to invest in Knoxville and we have a community that wants to have a rising tide lifts all boats,” said Knoxville Mayor Indya Kincannon. “I’m a big believer in inclusive economic development and sometimes that means you have to think ahead and be intentional in how we reach out and try to do business with local entities and try and hire local kids so that these huge investments do indeed benefit everybody.”
The stadium is a private/public partnership.
The Mayor is banking on this being a key to growth in East Knoxville.
”I want this to be the catalyst for investment in East Knoxville for more opportunities for people who live there right now to develop their skills that’s one of the reasons for the internships they’re offering for kids in the nearby vicinity,” said Kincannon.
Tuesday morning, the Sports Authority approved the financial plan. Now, the architecture firm just has to meet with the board before construction can start. The city is still planning on a 2025 opening date.
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