CHARLOTTE — The Charlotte City Council is considering spending hundreds of millions of dollars to renovate Bank of America Stadium. The Council will potentially provide $650 million to build the renovations. In exchange, the Carolina Panthers and Charlotte FC will commit to staying in Charlotte for another 20 years.
It’s a story that Channel 9 government reporter Joe Bruno has been following for more than a year.
Funding will come from a pool of money that can only be used for a limited number of things, including improvements to Bank of America Stadium.
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For more than a year, Tepper Sports & Entertainment and the City of Charlotte have been discussing what the future of the stadium should look like. TSE said the good weather in North Carolina, especially in the fall, makes a dome an unattractive option. The Panthers also said they had a study done and a consultant confirmed the stadium still had good bones.
Bruno was the only TV reporter to speak with the Panthers president before Monday. President Kristi Coleman said the stadium’s location was perfect, which also led to the decision to upgrade the building instead of planning a new stadium.
Since David and Nicole Tepper purchased the Panthers in 2018, the number of events each year at Bank of America Stadium has increased from 13 to 40. Charlotte Deputy City Manager Tracy Dodson says the economic impact of Bank of America Stadium in 2023 was $1.1 billion.
“That far exceeds a lot of our other locations that we invest in,” Dodson said. “It also supports more than 9,000 jobs in the (region). I don’t recruit from companies that big or try to retain companies that big.
Project details
The overall objective of the project is to modernize the stadium.
The Panthers want to create a park-like atmosphere outside the stadium with large LED screens that can be used for watch parties. They want to create a gathering space for the community.
The new concourses will feature upgraded concessions and local artwork, as well as a larger team store. There will be all-new bowl-shaped seats with a state-of-the-art audio system and new scoreboards.
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A corner of the stadium will be arranged to create a standing room only section. It’s something that Coleman is excited about.
“The way people appreciate things now is just a little different. People like to stand and socialize,” she said. “It will provide a new experience from that vantage point and also allow people to see the beautiful skyline that we have.”
If the City Council approves the project, the renovations would take place from 2025 to 2029. Neither the Panthers nor Charlotte FC would be displaced because of them.
Coleman says she is excited about the future of the stadium.
“It’s really a community asset and it’s very important to the community,” she said. “We’re excited to be a part of it.”
Potential board investment
Like the impact, the potential investment is significant.
The Charlotte City Council will consider spending $650 million on the project. Tepper Sports and Entertainment will invest $150 million during the construction phase. The Panthers are struggling with cost overruns and will be responsible for maintenance for the next 20 years. These maintenance costs are estimated at $421 million.
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From 2018 to present, Tepper Sports & Entertainment has invested $117 million in improvements to Bank of America Stadium. Costs for the MLS expansion and Atrium Health Performance Park, Charlotte FC’s headquarters and training facility, are estimated at just over $381 million.
The city’s $650 million comes from the Convention Center Fund. The fund is made up of a tax on hotel rooms and a tax on prepared foods and drinks. That’s the extra 1% added to your bar tab or your bill at your favorite restaurant. Money from this fund can only be spent on upgrades to the Convention Center, amateur sports and Bank of America Stadium. It cannot be used for things like policing or affordable housing.
The tax on prepared foods and beverages has been in place for decades, but was set to end in 2038. Last year, state lawmakers voted to extend it until 2060. C This is how the city has the funds necessary for this project.
“The tax is generated by the large number of visitors who come to our community,” Dodson said.
Chronology
June is Panthers Month for the Charlotte City Council.
The Charlotte City Council’s economic development committee meeting will consider the proposal Monday afternoon. A website will be launched Monday to collect public comments.
The Charlotte City Council will discuss the project again at 6 p.m. Monday and at the council’s action review meeting on June 10.
On June 12, a special meeting will likely be called to hear from the business community on the project.
On June 17, the Charlotte City Council will consider the Panthers’ rezoning request. The team wants to build a stadium outside the stadium. It is here, as well as on the adjacent outdoor fields, that the team trains.
( READ MORE: Panthers Unveil Plans, Renderings of Uptown Practice Facilities )
The Charlotte City Council is expected to vote on the renovation project on June 24.
History of Bank of America Stadium
Bank of America Stadium, then Ericsson Stadium, welcomed the Panthers for the first time on August 3, 1996. The party began for Charlotte FC on March 5, 2022.
Charlotteans voted and got vaccinated at the stadium.
In 1997, the Rolling Stones gave their first concert there and in 2021, tens of thousands of people were there to welcome them back.
Dodson said Bank of America Stadium is a true community asset and offers something for everyone.
“You remember the first time you entered the stadium. You remember a few years ago when Charlotte FC came in and what that first game was like. It’s different,” she said. “Look at the city we’ve become, which really feels like a sports town. It’s a big part of us. It’s been here for a generation. We want it here.” for the next generation.
Stadium projects elsewhere
The Charlotte City Council’s plan limits city spending to $650 million and includes a 20-year extension for the Panthers and Charlotte FC.
The Jacksonville Jaguars and the city of Jacksonville proposed a deal this month that would spend $1.4 billion to renovate the city’s 29-year-old EverBank Stadium. The deal would extend the Jaguars’ lease for 30 years and include a no-move stipulation. The city would spend $775 million while the Jaguars would invest $625 million.
In Baltimore, $600 million from the state of Maryland will go toward an improvement project at M&T Bank Stadium. The Ravens’ lease will be extended through at least the 2037 season.
The Tennessee Titans are using $1.26 billion in public funding to build a fully enclosed stadium next to the current one. The team will invest $840 million. The deal comes with a 30-year lease for the Titans. Work begins this year.
>> Bruno will have more renderings and council reaction on Eyewitness News starting at 5 p.m.
(WATCH BELOW: Roads closed by Bank of America Stadium during helicopter-assisted scoreboard repairs)
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