Executive Director of Finley Stadium Chris Thomas told the board that during the winter very little activity was going on at the facility so the time has been used to make repairs and identify ways to conserve energy.
Before last year, the stadium had an asset that was largely unused. However, that was attributed to the fact that there was less activity and traffic in the area.
That has now changed due to growth on the Southside of Chattanooga. Since the neighborhood has become more activated and the parking kiosks were installed about a year ago, use of Finley’s parking lots has become a source of income.
Money has been generated from two types of parking. Event parking, which is during large events where there is an attendant taking payments, and permitted parking that comes from agreements with nearby businesses and paid parking with the kiosks. In 2018 a total income of $158,000 came from parking with $73,000 coming from events and $84,000-$85,000 coming from permit parking. The stadium corporation has agreements with 1400 Chestnut, Naked River Brewing, Southside Social, The Signal, TVA and other neighboring businesses.
The expenses associated with parking include paying for three of the parking kiosks, but that cost will be eliminated once they are paid for. The stadium also pays Republic Parking to manage the lots, which is based on a percentage of revenue.
Facilities Manager Ethan White told the board that winter and spring are the busiest times of the year for his department. During the down time for the other departments, the buildings were being winterized. This year there have been no pipe breaks from freezing. Locker rooms have been painted, the concession area has been pressure washed, and the power usage has been assessed and areas responsible for energy waste have been identified. This information will be used to save costs in the future.
Astroturf has made the annual inspection of the playing surface of the field and determined that it is on track for the lifespan of 10-12 years. This is the fourth year since it was installed. A paint formulated for the specific type of turf which is used to convert the field from football to soccer is being used. This specialized paint should extend the lifespan of the Astroturf, said Mr. White.
The building is now starting to be reactivated. The kitchen has been opened for use during the Chattanooga Marathon, which takes place this weekend, and the field is being painted for soccer getting ready for the International Friendly match between CFC and Guatemala on March 23.
Finley Stadium has gotten the attention of stadiumjourney.com and AnyGivenSaurday.com which have both ranked the Chattanooga facility as number seven and number eight, respectively, for stadium experiences, among 100 stadiums in the country, said Mr. White.
Winter has been the season that Food and Beverage Manager Sarah Hooper used to review the past season and look forward to 2019. The Chattanooga Marathon marks the first catered event of the year, when she will feed the VIPs. She has also found income from outside of the stadium. Two Ironmen competitions will take place in Chattanooga this year and the stadium will cater both of these events bringing $25,000 in revenue. The city has a contract with Ironman for the next several years so there is the potential for that relationship to continue, she said.
Events for the year will kick off this weekend with the Chattanooga Marathon. There are 209 events scheduled so far for 2019. There will be a lot of recurring events and some new ones including several upscale festivals focusing on wine and margaritas.
The board also voted on updates that have been made to the stadium’s bylaws that had not been revised since it began operations in 1995. The changes were an administrative matter that merely brought the stadium corporation bi laws into the 21st century, said board attorney Kurt Faires.
Another vote unanimously approved “pouring rights” with Coke Cola for another seven years.
Chairman of the Board Gordon Davenport told the board that he tells people regarding the stadium, “We have our house in order.” He said, "We have a good staff, great partners, a lot of events with multi-year agreements, and financials are performing well."
He said the board is also facing an aging facility. Fixing issues and doing what needs to be done will continue to be a big focus. Capital needs will be significant and substantial, he said.
The next board meeting has tentatively been scheduled for April 16.