Subject: 19901/Funding/ACOG/96OlympicGames
Date: Tue, 13 Jul 1993 09:55:44 -0500


               
               
                             RESOLUTION NO.   19901 
               
               
                A RESOLUTION TO AUTHORIZE THE MAYOR AND CHAIRMAN
                TO ENTER INTO NEGOTIATIONS WITH APPROPRIATE
                OFFICIALS OF THE STATE OF TENNESSEE, INCLUDING
                MEMBERS OF THE TENNESSEE GENERAL ASSEMBLY, AND
                LOCAL GOVERNMENTS, FOR THE PURPOSE OF PREPARING
                RECOMMENDED PLANS FOR THE DEVELOPMENT OF A STADIUM
                ("THE STADIUM") TO BE USED FOR PRELIMINARY SOCCER
                COMPETITION OF THE 1996 OLYMPIC GAMES AND OTHER
                COMMUNITY NEEDS AND PURPOSES, AND TO ESTABLISH THE
                LIMITS AND CONDITIONS OF CITY OF CHATTANOOGA
                FUNDING PARTICIPATION IN THE DEVELOPMENT OF THE
                STADIUM.
               
               
                                                    
               
               
       	    	 WHEREAS, the 1996 Olympic Games will be hosted by the
       Atlanta Committee for the Olympic Games ("ACOG") in Atlanta,
       Georgia, with preliminary events also being hosted in other
       southeastern communities; and
       	    	 WHEREAS, representatives of Chattanooga and Hamilton
       County, and other interested parties, have met with ACOG 
officials
       to discuss participation by hosting preliminary soccer
       competition; and
       	    	 WHEREAS, in order to be considered by ACOG for
       designation as an Olympic Games host community, it is necessary 
to
       commit, along with Hamilton County Government, the University of
       Tennessee at Chattanooga, the private sector and the State of
       Tennessee, to the construction of a facility adequate for this
       purpose; and
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       	    	 WHEREAS, the development of the Stadium will create a
       positive economic impact upon the City of Chattanooga, including
       the creation of over 200 construction and long-term jobs, the
       attraction of numerous local, regional, state and national 
events,
       specifically including athletic events of the University of
       Tennessee at Chattanooga ("UTC"); and
       	    	 WHEREAS, interest in the Stadium extends to other units
       of government, including the State of Tennessee ("the State") and 

       Hamilton County, Tennessee ("the County"), and is shared by
       members of the private sector, representatives of which have
       expressed a desire to participate in the development of the
       Stadium; and
       	    	 WHEREAS, it is appropriate and necessary to authorize
       the Mayor and the Chairman to meet, in their judgment, with
       appropriate officials of the State and the County, including
       representatives of UTC and members of the private sector, for the 

       purpose of preparing recommended plans for the development of the 

       Stadium, which plans will be returned to this body for review; 
and
       	    	 WHEREAS, it is appropriate and necessary to specify, in
       advance, certain limits and conditions on the extent and level of 

       participation by the City of Chattanooga which will be considered 

       by this body, without making any binding commitments whatsoever;
       	    	 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE, That we do hereby authorize
       the Mayor and Chairman to negotiate with such officials and
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       representatives of the State, the County and others, including
       members of the private sector as, in their judgment, are
       appropriate for the purpose of preparing recommended plans for 
the
       development of the Stadium, subject to the following limitations
       and conditions:
            A.	 The Stadium project will not exceed the total amount of
                 $25,000,000, including funds necessary for site
                 acquisition and clearing.
           
            B.	 The extent of local government financial commitments
                 will not exceed $7,500,000, and be contingent upon:
           
                 1.   State funding of no less than $5,900,000
                      (which funding commitment by the State shall
                      authorize the Stadium to be designated "the
                      Tennessee Bicentennial Stadium," and allow the
                      facility to be provided for the rent-free use
                      of UTC for team football games); and,
                
                 2.   private source funding of no less than
                      $7,000,000; and,
                
                 3.   the City funding level shall not exceed that
                      of the County; and,
                
                 4.   the University of Tennessee at Chattanooga
                      contributing no less than $2,000,000; and,
                
                 5.   Stadium operating revenues of no less than
                      $150,000/year, pledged to debt retirement by
                      such entity as may be charged with management
                      of the Stadium.
                
            C.	 The preferred form of management of the facility shall
                 be by a non-profit public corporation governed by a
                 board of directors appointed by participating local
                 governments, with additional reserved positions
                 designated for representatives of the Hamilton County
                 Legislative Delegation, UTC, and the Tourism industry.
      
      
       ADOPTED:	 July 13, 1993
      
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