Digging Deeper into the proposed $650M renovation for Bank of America Stadium
The proposal doesn’t raise taxes and would secure the Panthers and Charlotte FC for 20 years.
CHARLOTTE, N.C. (WBTV)—The City of Charlotte is exploring a plan to contribute $650 million to the renovation and maintenance of Bank of America Stadium, home to the Carolina Panthers and Charlotte FC.
The City Council is expected to vote on the proposal on June 24th.
Details of the plan:
- Cost: ~$1.2 billion over 20 years, with the city contributing $650 million.
- Funding: The city’s portion would come from the Convention Center Fund, generated by hotel and meal taxes.
- Term: The plan includes a 20-year agreement with Tepper Sports & Entertainment, ensuring the Panthers and Charlotte FC remain in Charlotte.
With the proposal on Monday came several questions and concerns.
If passed, will taxes increase?
No. Based on the current proposal, the $650 million from the City would come from the Convention Center Fund. This separate fund is legally required for tourism or related activities.
What will happen if Tepper Sports backs out of the arrangement?
Part of the agreement with TSE is that the Panthers and Charlotte FC will stay in the Queen City for the next 20 years. If TSE breaks that agreement earlier than that, they will be responsible for paying any debts or remaining costs.
Several concerns and comments were also raised regarding the use of public funds for private organizations. Charlotte had similar debates when the City Council decided to fund the Spectrum Center renovations in 2022, and a number of national stories have followed.
A vote recently failed in Kansas City to fund a new Stadium for the Royals and stadium upgrades for the Chiefs.
Next steps:
The City Council is seeking public input before the vote. Residents can submit comments through a designated form. Councilmembers are also divided on the plan, with some requesting more public input and others focused on minority participation in the project.
WBTV reached out to council members to gauge how they’re planning to vote at this time and received the following responses.
Councilmember James Mitchell: “I truly know the impact of the Carolina Panthers with Tepper Sports helping the city with two sports franchises,” He said. “But if we are going to make this type of investment, what’s crucial to me is that we get 27% minority participation. This is going to be the largest project we’ve undertaken as the city of Charlotte. It’s important for me that they can participate in this great opportunity for the community.”
Councilmember Dimple Ajmera sent the following statement:
“As discussions continue around the proposed renovation of Bank of America Stadium, I strongly encourage all residents to make their voices heard on this important issue. The stadium is a major civic asset, and the public deserves a say in decisions that will shape Charlotte’s future.
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