Subject: 20734/Agmt/StadiumFunding
Date: Tue, 19 Sep 1995 13:27:41 -0500


                               RESOLUTION NO. 20734
                 
                 
                  A RESOLUTION AUTHORIZING THE MAYOR TO ENTER,
                  ON BEHALF OF THE CITY OF CHATTANOOGA AND
                  JOINTLY WITH HAMILTON COUNTY, INTO A STADIUM
                  FUNDING AGREEMENT WITH THE CAMPAIGN
                  CORPORATION, AND A STADIUM ACCESS FUNDING
                  AGREEMENT WITH THE UNIVERSITY OF TENNESSEE AT
                  CHATTANOOGA ("UTC") IN ORDER TO COMPLETE THE
                  STADIUM PROJECT AND PROVIDE FOR THE MANAGEMENT
                  THEREOF; AND, TO AUTHORIZE THE MAYOR TO DO ALL
                  THINGS NECESSARY TO FULFILL THE PURPOSES
                  THEREIN.
                 
                 
                                                    
                 
                 
       	    	 WHEREAS, the Chattanooga and Hamilton County area has
       progressed significantly during recent years as a result of the
       joint leadership of the City of Chattanooga ("the City") and
       Hamilton County ("the County"), developing or facilitating the
       development of the Tennessee Aquarium, Riverpark, Riverwalk, 
Trade
       Center, Warehouse Row and numerous other features which have
       enriched the quality of life for the community; and,
       	    	 WHEREAS, a major deficit in the portfolio of public
       facilities has been the lack of a quality outdoor stadium with
       sufficient capacity and access for the attraction of major
       sporting, entertainment and convention events; and,
       	    	 WHEREAS, local leaders, specifically including elected
       representatives of the County and the City, in cooperation with
       representatives of UTC and the Campaign Corporation, formed a
       Stadium Steering Committee ("the Committee") for the purpose of
       studying the feasibility of constructing and operating a stadium
       facility ("the Project"); and,
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       	    	 WHEREAS, the Committee has completed its work and has
       recommended that the Project be developed and funded as set forth 

       in the Stadium Funding Agreement and the Stadium Access Funding
       Agreement (collectively, "the Agreements");
       	    	 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE:
       	    	 SECTION 1.  That the Mayor be and is hereby authorized
       to enter into and execute the Agreements in substantially the 
form
       of and similar to those attached hereto and incorporated herein 
by
       reference, and do all things necessary to fulfill the purposes 
and
       duties contained therein, in order to complete the Project and
       provide for the management thereof; and,
       	    	 SECTION 2.  That all previous resolutions in conflict
       herewith are hereby repealed and rescinded.
      
       ADOPTED:	 September 26, 1995
      
       RLN:cjc
      
      
      
      
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