KNOXVILLE, Tenn. — City, county, and sports team leaders aren't ready to discuss specifics but say after a high-level meeting Wednesday they're enthusiastic about proceeding with plans for a downtown Knoxville sports and events stadium.
Concerns have been privately growing this month about rising costs -- for construction materials and borrowing money, for example. Government leaders are sensitive about how the public will react to ballooning costs if the stadium is built.
Cost estimates for the stadium east of the Old City and James White Parkway have grown since Smokies baseball team owner Randy Boyd first pitched the idea in 2020 of a new site downtown. The estimated price tag started at roughly $65 million 18 months ago, and it's been climbing.
"Managing costs" has gotten trickier this spring and summer as inflation has climbed along with federal efforts to tamp down an overheating economy.
On Wednesday, Knoxville Mayor Indya Kincannon, Knox County Mayor Glenn Jacobs, Boyd and others met privately to review progress and consider options.
They issued a joint statement Thursday:
"Discussions between the City, County and Boyd Sports on how to finalize the multi-use stadium design and manage costs are continuing, including a meeting yesterday involving Mayors Jacobs and Kincannon, Randy Boyd and others.
"Significant progress is being made. The details are not yet finalized, so we are unable to discuss any of the specifics at this point. However, the City, County and Mr. Boyd are excited and confident that the stadium project is continuing to move forward. Play ball in 2025!" the statement reads.
Delays had already pushed back the expected opening from 2024 to sometime in 2025.
A sports authority is overseeing realization of the project, which would seat more than 7,000 fans for baseball and soccer as well as concerts. Plans also envision the public using parts of the facility for meetings, recreation and gathering space. Boyd has acquired the land and cleared it to make way for a stadium.
He's also put together a private development group that will build commercial and residential spaces around the site.
Investors and other developers have also moved over the last year to acquire nearby land for their own projects, including a hotel.
The Sports Authority, which would oversee the issuance of debt through bonds, is set to meet Tuesday morning.
The Chicago Cubs-affiliated minor league Smokies have played in Sevier County for about 20 years. Knoxville used to have the team, and many would like to see it return.
Boyd, an entrepreneur and University of Tennessee System president, has agreed to pay annual rent on behalf of the team. Bonds would help cover construction costs, and sales tax revenue raised within its walls also would go to cover expenses.
The state also is pitching in about $13.5 million.
