Things are looking good at Finley Stadium with revenues up over $334,000 from the previous year, a 44.15 percent increase, while expenses are up $274,000, or 42 percent from a year ago. The added revenue, however, does not take into account depreciation. In order to cover depreciation of the 18-year-old building and equipment the board aspires to have $250,000 yearly to cover necessary repairs and maintenance. Maintenance issues should not be taken from capital funds or money raised by Friends of Finley, said Executive Director Paul Smith.
These numbers reported at the Finley Stadium Board Meeting Tuesday afternoon are from July 1, 2014 through March 21, 2015 and will go up since there are three more months in the fiscal year and the stadium is just now coming into the event season, which includes six weeks of soccer.
The executive director told the board that he is proud of the upcoming 2016 calendar because stadium facilities are booked nearly every day and sometimes with multiple events. The stadium will be used for high school soccer and UTC lacrosse, and he said that Hayley Bates and her staff have animated the Stadium Club with corporate and other types of use. The pavilion has also been actively utilized.
A new contract for another year with the Chattanooga Football Club (CFC) was unanimously approved at the meeting. The CFC has become a valuable partner that complements use of the stadium for UTC football since soccer season is the off season for football. The CFC will pay a rental fee of $36,000 and will share in 25 percent of gross profits from parking and 15 percent of food and concessions.
Beer sales are being expanded at the Chattanooga Mocs football games this season. For many years beer has been sold at the Stadium Club during games. This year there will be a second version of the club named Stadium Club West, on the plaza above the field near First Tennessee Pavilion. Anyone of legal age can buy beer and limited food offerings on the plaza during the games. This will be a nice addition to the football games and should draw more fans, said Mr. Smith.
Another asset of the Finley Stadium complex is being turned into a revenue stream. An unused kitchen at the pavilion is being converted into a kitchen for small-batch catering. This is designed so anyone that wants to start a business can decrease their initial costs since the requirements for a commercial kitchen are costly. The project has been funded by the Benwood Foundation with a $60,000 grant. The Chattanooga Market will be responsible for managing it, selling the time and coordinating with the users. The Market will pay the Stadium Corporation $2,000 per month for use of the kitchen. It should be up and running in May.
“Two of the best decisions I’ve made since being here, are Brian and Hayley,” said Mr. Smith. Venue Manager Brian Wright deserves a lot of credit he said. Mr. Wright told the board that in the last year, the stadium had $40,000 in energy savings. He said that a decision was made to make sustainable changes and every decision is made with this in mind. Last year, to get the electric bill as low as possible, lights were simply turned off when not in use. This alone saved $30,000 or 25 percent. Other measures taken this year have reinvested that savings for more energy efficiency. All LED lights have been put on timers, the restrooms have been equipped with occupancy sensors and software has been added for HVAC efficiency such as heat and air automatically turning off in the locker rooms when they are not it use, and sections of the Stadium Club that can be isolated. This software will pay for itself in two years, he said. The goal is to reduce energy usage 10 percent every year.
“Bird spikes” will be installed on the field lights to reduce water usage significantly from continuous pressure washing of affected spaces.
Recycling is being used as a way to reduce hard waste. Signage will be posted to educate people and the cleaning crews will work to separate what can be recycled from trash. It is hoped to save 10 percent yearly with these practices.
In general, he said, materials and supplies are transitioning to environmentally friendly products and vendors. The field paint provider uses a water-based formula that has earned environmental awards.
Capital projects that are in the works include re-lamping the field. This is scheduled to be done in April. The cost is $40,000. Board Member Mike Davis is also talking to an architect to determine the best way to put windows that can open in the sky boxes. He has had requests from skybox owners to do this. If they want it, they will be responsible for paying for it. It is expected that some owners will not opt to add this feature, so a determination will be needed for the type of windows that will look uniform from outside if they open or they do not. Railings will also be needed for safety.
A search is on for a used field cover. An anonymous donor gave $210,000 that is earmarked for this so the stadium will be able to have music concerts. Mr. Smith is also looking for the right promoter. He said he feels strongly that the first concert needs to be the right event. "We are looking forward to a successful small music event to spur even more excitement," said Chairman of the Board Bryan Patten.
Mr. Patten reported on the Friends of Finley two-year campaign to raise $1 million. He said that goal has been helped by Hamilton County and the city of Chattanooga each of which contributed $250,000. The anonymous donation of $210,000 to update the stadium as a music venue, and $150,000 from corporate gifts has also been made. “We’re in the best financial condition that we’ve ever been in,” he said. The success of the stadium speaks to the efforts of Merrill Eckstein and what Paul Smith has done to create excitement and energy, said Mr. Patten.