Financial report shows $107M in assets; TIF revenues projected to cover near-term debt
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Summary
Finance staff reported the sports authority holds about $107 million in assets and that a planned $590,000 net loss is covered by capitalized interest; TIF monitor projected conservative revenues available to service series A debt in 2026–2027, with final tax numbers due June 1.
Paul Boylan presented the sports authority’s financial progress report as of March 31, 2026, reporting more than $27,000,000 in cash and over $80,000,000 in construction costs — combined assets of roughly $107,000,000. He highlighted a $3,300,000 retainage figure, about $3,700,000 in net interest earned, and roughly $110,000 from a team contribution fund. With a recent TIF payment of $506,000, Boylan said total revenue in the period came to about $4.3 million against bond interest expense of about $4.9 million, yielding a planned net loss of roughly $590,000 that is covered by capitalized interest.
When a board member asked whether capitalized interest pays construction-era interest out of bond proceeds, Boylan confirmed that capitalized interest came from bond series A and B proceeds and therefore the near-term shortfall was planned rather than an operating deficit.
Sheree Allen, senior advisor for economic and workforce development for the mayor’s office, presented a TIF monitoring update. She summarized financing sources that support the stadium: city–county property tax increment (Series A), team rent (Series B), and city-only increment for Series C, plus sales tax on stadium activity. Using conservative assumptions, Allen and staff projected available revenues to service Series A debt at about $3,864,000 for 2026 and forecast higher projected revenues for 2027 (approximately $5,236,000), while noting final 2026 property-tax numbers will be available on June 1 and will refine the forecast.
A board member raised a letter from the Hamilton County attorney that questioned project progress and potential fiscal impacts. A developer/property-holder representative and city staff said they had responded in writing and considered the matter resolved; Weston Porter, identified in the meeting as the city chief financial officer, said the city is coordinating with the county and sharing projections to remain aligned.
No formal vote was taken on new financing at the meeting; board members had clarifying questions and received updates on carryover projections into 2027 and the need to reassess 2028 forecasts once additional development and tax data are available.
