The Charlotte City Council on Monday voted 7-3 to approve terms of a deal to spend $650 million in public funding on Bank of America stadium renovations.
As reported by The Charlotte Observer, Tepper Sports & Entertainment, which owns both the Panthers and Charlotte FC, presented the renovation plan to the City Council’s economic development committee June 3. Tepper Sports & Entertainment asked for $650 million from the city for Bank of America Stadium improvements and to help fund a new field house, agreeing to keep both the Panthers and Carolina FC in Charlotte for at least 20 years. (That agreement could be bought out after 15 years, however.)
Now that the City Council has agreed to provide money for the renovations, staff members will start drawing up legal documents and securing financing.
Renovations will enhance the stadium, as well as increase sustainability and accessibility, Lucy Marquez of the Observer reported. The $650 million will be used for:
- field house construction
- updating lower bowl seats
- repairing and replacing mechanical, electrical and plumbing infrastructure
- modernizing safety and security equipment
- updating locker room and operational spaces new spectator viewing areas
- updating restroom facilities
- updating scoreboard/videoboard, control room and sound
- an elevated exterior facade
The renovations will not include a retractable roof or dome, due to Charlotte’s comfortable climate and a high cost.
According to Marquez, the renovation money will come from debt Charlotte takes on. It will pay for that debt with hospitality tax revenue, which is generated by taxes on prepared food and beverage sales, as well as hotel occupancy. This tax revenue must go toward tourism-related projects, which includes stadium upgrades. Tepper Sports plans to contribute $150 million in addition to completed upgrades and $421 million on future renovation costs.
Related: Report: $800M Renovation of Bank of America Stadium Would Have $22B Impact on Local Economy
Work on the stadium will begin in 2026, after Tepper Sports, Charlotte residents and the City council are satisfied with the construction plans, with completion expected in 2029. Field house construction will begin later this year and end in 2026.
As reported by Athlon Sports, public pushback was immediate.
"Forget the stadium. Fixing the poor transportation infrastructure should be the priority," wrote one commenter on Axios' Instagram post reporting the story.
"This is ridiculous. How about we pour that money into Charlotte Mecklenburg School System, the homeless, the roads, and everything else wrong with Charlotte?!" wrote another incredulous resident in a comment that received 421 likes.
"Bro, can we just get sidewalks everywhere?" another resident pleaded.
