East Ridge City votes unanimously to support tax incentives for Red Wolves Stadium
East Ridge City Council officials voted unanimously to support tax incentives for Red Wolves Stadium project at Thursday night.
In April 2019, Red Wolves team owner Bob Martino announced the team is investing $125 million into East Ridge and Chattanooga for the project.
The project consists of a first-class soccer stadium, new housing, retail space, restaurants, hotel, and more than a thousand new jobs are coming to East Ridge and Chattanooga, according to the Chattanooga Red Wolves SC.
East Ridge Mayor Brian Williams says this is a game changer for the city and the largest development for the area.
Williams and other city leaders expect the 100-acre property, which is within the city limits of East Ridge and Chattanooga to generate between $6 and $7 million in tax revenue each year.
Williams says no money is coming from local taxes, only from a state level.
As part of the discussion in Thursday's city council meeting, leaders announced Martino would get 97 percent of incremental state sales and use tax revenues.
The city will get the remaining 3 percent of reimbursable money.
Construction will be starting within the next couple of months.
Depend on us to bring you updates as we get them.
To find out more about the project on the Chattanooga Red Wolves SC website here.