Pledge of an additional $300,000 annually to the project will be for a 10-year period beginning in fiscal year 2024-25
Thursday night, the Cookeville City council approved an additional $3 million for the new Tennessee Tech Football stadium on top of the $1 million already approved. Revenue earned through the hotel/motel occupancy tax delegated toward economic development and to promote tourism will be used for the project.
“I think it’s a great thing for our community,’ said Councilman Eric Walker. “It’s a great opportunity for the community to step up and support its University. It’s critical to our town and critical to the town we have become today.”
On July 7, 2022, the city committed a $1 million contribution to the project over a five-year period which began in fiscal year 2022-23 with $200,000 going toward the construction.
The new pledge of an additional $300,000 annually to the project will be for a 10-year period beginning in fiscal year 2024-25. The total contribution will be $4 million.
If the project is canceled, the city’s obligation is void and any money the city paid toward the project will be returned.
“The money we are pledging specifically has to be used for tourism industry in Cookeville,” said Cookeville Mayor Laurin Wheaton. “It cannot be used to fix potholes; it cannot be used to fix roads. It specifically must be used for tourism, and I can’t think of a better way to promote tourism and having people come here to Cookeville than have an amazing stadium that I know Tennessee Tech is planning to do. We are super excited about it. That partnership just shows how we are linked together in making sure that Cookeville is such an amazing place. … I am excited about it. Wings up!”
The resolution was approved unanimously, and the council also authorized Cookeville City Manager James Mills to enter into a formal contract with the university.
Photo courtesy of Tech.
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