Plans for a Chattanooga Red Wolves‘ stadium project took a step forward Thursday, when East Ridge, TN officials backed tax incentives for the development.
USL League One‘s Red Wolves are set to build a new stadium that will anchor a larger mixed-use development on about 100 acres at Interstate 75 and Interstate 24. The estimated $125 million projected is led by Red Wolves and Utah-based Star Community Builders owner Bob Martino, and calls for a 5,550-seat stadium to highlight a project that includes 400 apartment and condominium units, 375 hotel rooms, 475,000 square feet of commercial space including the stadium, and a mix of walking and nature trails.
The East Ridge City Council gave the project a boost on Thursday, unanimously giving its approval to the Border Region Retail Development District state sales tax incentive for the proposal. More from the Chattanooga Times Free Press:
The East Ridge City Council voted unanimously for the Border Region Retail Development District state sales tax incentive for the project. That allows the city to recapture the growth in sales tax collections within the zone and then plow those funds back into repaying investments in the area, including the planned $6 million stadium.
The proposed project will receive 97% of the incremental state sales and use tax revenues, while the city will receive 3%, under the city’s plan.
Mayor Brian Williams said the city doesn’t have any costs related to the development, adding it’s not providing land because the nearly 100 acres Martino is buying is private property.
“We receive a 3 percent return of their investment to our city,” he said.
Build out of the full development is slated to take three to five years, with work of the stadium expected to begin within the next couple of months. The Red Wolves launched this spring as part of Division III USL League One’s inaugural season, and are currently playing home matches at Chattanooga Christian School’s David Stanton Field.
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