Charlotte leaders vote in favor of $650 million for Panthers stadium renovations

CHARLOTTE, N.C. (WBTV) - Just three weeks after plans were unveiled for renovations at Bank of America Stadium, the Charlotte City Council voted in favor on Monday on giving $650 million to help fund the project.

The stadium is nearly 30 years old, but Carolina Panthers and Charlotte FC owner David Tepper wants to give it new life.

In addition to $650 million from the city, the tentative agreement also requires Tepper provide $150 million upfront, with promises to invest hundreds of millions more over the next several years.

If city leaders vote to give him their share of the money, funding would come directly from the city’s Convention Center Fund, which is raised through a one-percent tax paid on restaurant tabs or hotel stays.

The project plans for new stadium seats, a new sound system, a revamped concourse area with giant video monitors, and a re-designed pavilion area outside the stadium that would serve as a gathering area for fans before and after events.

The agreement also comes with a 20-year non-relocation clause, meaning the Panthers could not leave for at least the next two decades.

City officials who put the deal together, along with tourism and business owners, believe the renovations are a worthy investment, while other disagree and think Tepper should foot the entire bill himself.

“I couldn’t think of a better way to invest our hospitality tax funds,” CEO of the Charlotte Regional Visitors Authority, Steve Bagwell, said. “This is what they’re designed to be used for is enhancing and improving assets like this that drive economic impact into our community.”

City councilmember Tariq Bokhari said that he has seen bad stadium deals, but believes a beneficial one is possible.

“Nearly every professional stadium deal with taxpayer money that I’ve ever seen is a bad deal for taxpayers,” he said. “[But] that doesn’t mean it’s impossible to make a good deal.”

If the funding is approved, construction is expected to start in 2025, and be completed in 2029.

While all eyes will be on the renovation decision Monday night, city leaders are also looking ahead to the potential for building a new stadium in the future.

Also on the meeting agenda Monday night is a note about “good faith negotiations” toward a new stadium that will start on or before April 1, 2037. The goal of those negotiations would be to have a brand-new facility completed in time for the 2046 season.

A City of Charlotte spokesperson said the note does not guarantee a new stadium by 2046, but acknowledges “that Bank of America Stadium will be 50 years old at the end of the current proposed agreement and that the two parties will need to address that.”

Related: Documents: City of Charlotte, Panthers could have new stadium built by 2046

Tepper Sports & Entertainment Owner David Tepper released the following statement after the Charlotte City Council vote Monday night to approve the Bank of America Stadium renovation project.

“Today’s vote by the Charlotte City Council is the culmination of many thoughtful discussions with city officials, local leaders, and our fans to create a shared vision for Bank of America Stadium. Nicole and I are grateful for the collaboration and support of the project, as well as our ongoing partnership between Tepper Sports & Entertainment and the city.

For nearly 30 years, Charlotte has been the home of the Carolina Panthers and, more recently, Charlotte FC. We are proud to be in the Carolinas and look forward to delivering a venue that meets the needs of our community, players, and fans for years to come.”

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