Image: Rendering of a future Chattanooga Lookouts stadium in the South Broad District Image Credit: EMJ
The Center Square [By Jon Styf] –
Chattanooga is set to receive $3.5 million in grants to assist in the cleanup of brownfield sites. In total, Tennessee received $5.6 million in federal grants through the US. Environmental Protection Agency.
Chattanooga previously received $5.8 million in EPA grants for the city’s Revolving Loan Fund, which used the funds for nine cleanup projects.
Those prominently include the former U.S. Pipe and Wheland Foundry site and multiple sites on South Broad Street. The foundry will be the new home of the Chattanooga Lookouts after a $79.5 million stadium funded mainly through tax money is completed.
Up to $80 million in bonds are expected to be repaid through $49.8 million worth of property taxes from the site, $17.5 million worth of lease payments ($1 million per year), an estimated $5 million in sales taxes retained by the team after it was approved by Tennessee lawmakers and an estimated $3 million in parking fees.
The project will be built on 100 acres at the U.S. Pipe and Wheland Foundry site off Interstate 24 that would include a multi-family residential buildings, office space and public recreation areas.
Dunlap will receive $632,807 to remediate the former Victory Automotive property. The South Central Tennessee Development District will receive $1.5 million to assist with the assessment of brownfields in 13 counties – Bedford, Coffee, Franklin, Giles, Hickman, Lawrence, Lewis, Lincoln, Marshall, Maury, Moore, Perry and Wayne.
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.
