KNOXVILLE, Tenn. — The city-county sports authority that's overseeing construction of a multimillion-dollar downtown Knoxville stadium won't meet Tuesday as previously announced.
Instead, the panel likely will gather a week or so later, according to city of Knoxville spokesman Eric Vreeland.
Tuesday's meeting was widely anticipated as the day when the final estimated cost, or "guaranteed maximum price", of the 7,000-seat arena east of the Old City would be revealed.
The sports authority, which is tasked with overseeing construction of the transformative project, hasn't gathered for several months.
Vreeland said Friday he suspected the authority would be meeting perhaps March 7 or soon after.
"We'll send out a meeting notice once the new date gets finalized," he said.
Entrepreneur and University of Tennessee System President Randy Boyd is building the stadium near Jackson Avenue east of the James White Parkway. Boyd has a turnkey agreement to build the structure, expected to host Boyd's minor league baseball team, soccer and a variety of other events.
Boyd assembled the land for the stadium site and has his eye set on the Tennessee Smokies playing baseball there in spring 2025. The land ultimately will belong to the public.
Estimated cost of the project has grown over the last year or two. Construction is underway.
It last was estimated at $80 million plus another $20 million that Boyd was prepared to lend as needed. In agreeing to cover the additional $20 million, Boyd and city and county officials agreed he had a chance to recover that extra cost through revenue growth from an expanded tax increment financing district.
What if the project costs another $5 million or $10 million beyond the 2022 estimates?
Knoxville Mayor Indya Kincannon told WBIR earlier this month whatever the cost, the city's share is already set.
"We are on the hook for a set amount and we are not going over it," Kincannon said.
She also called the stadium a "game-changer" for the city.
The state has given $13.5 million toward the project. Funding will come from a number of other sources including sales tax receipts inside and annual rent from Boyd Sports on behalf of the team.
Boyd told WBIR early this year the stadium structure will begin to rise from the ground this year. Surrounding it will be a Boyd-led private development estimated at about $140 million that will include commercial and residential buildings.
The Smokies have played ball in Sevier County since the early 2000s.
Boyd, the city and county envision the stadium seeing repeated use from sports, concerts and community events. During daylight hours parts of the building also are expected to be open for general public, pedestrian use.
The site already has sparked numerous proposals for commercial development in the neighborhood.
