UPDATE: The City of Chattanooga and Hamilton County formally announced plans for a new "multi-use stadium" Thursday morning at the South Broad Street site where the old Wheland Foundry currently sits.

A new sports authority will be formed as part of the project.

Additionally, Tax Increment Financing (TIF) funds will be used for the project, which will also be part of a much larger redevelopment project for the area, that will include several new stores and restaurants expected to surround the stadium.

The Lookouts will pay $1 million annually in rent for use of the new stadium, according to Chattanooga Mayor Tim Kelly.

A new exit from Interstate 24 will also be a part of the project.

PREVIOUS STORY: Hamilton County Mayor Jim Coppinger told county commissioners about plans for a new Chattanooga Lookouts baseball stadium, surrounded by new development at the Wheland Foundry site on Chattanooga's Southside.

He said the project will encompass 120 acres, with nine acres for the stadium, which is estimated to cost around $70 million.  

Office space, retail establishments and restaurants are expected to surround the stadium.

The mayor said the city and county will be putting $1.5 million each into the project with the funding from the county already available from within the county's current funding. Coppinger, along with Chattanooga mayor Tim Kelly will present the detailed plans for funding and construction at a Thursday morning press conference at the site.