Tepper, Panthers want $650M from Charlotte for Bank of America Stadium renovations – MASHAHER

The city of Charlotte could contribute $650 million to renovations to Bank of America Stadium under a deal proposed Monday.

The deal presented to the City Council’s economic development committee asks for one-time funding to help “modernize” the home of the Carolina Panthers and Major League Soccer’s Charlotte FC, assistant city manager Tracy Dodson said. The stadium opened in 1996 and has seen smaller renovations in the years since.

Under the deal, the teams agree to “stay in this location for up to 20 years,” Dodson said. City Council could vote on the plan as soon as June 24, according to Monday’s presentation.

The city’s contribution would come from hospitality tax revenue, city staff said. Money from that tax must be used on tourism-related projects by law.

The city’s investment does not require any new or increased taxes, according to a press release. The investment includes a fixed investment of $650 million from the city, paid for by Charlotte taxpayers and others who pay hospitality taxes. An additional $688 million will come from TSE, the release says — $117 million already spent on the stadium, $150 million for the immediate renovations, and $421 million for anticipated future renovation costs and capital improvements.

“This is a good opening proposal,” council member Ed Driggs said.

Committee chairman Malcolm Graham, whose District 2 includes parts of uptown, said council members will “ask a wide variety of questions” in the coming weeks. “I think this is a good introduction. The devil is always in the details,” he said.

Among the highlights of the renovation:

• New seats installed throughout the lower bowl

• Improved accessibility throughout the facility, designed to allow individuals with a range of disabilities to have access without barriers

• Stadium safety and security enhancements, including improved lighting

• A reimagined South Lawn Pavilion area that can be used as a community gathering spot and outdoor classroom on game days and non-event days

• Upgraded restrooms

• Enhancements to the stadium’s exterior

• Modernization of mechanical, plumbing, electrical and HVAC systems

Story continues

The history of the uptown stadium starts well before it opened in 1996. That story really begins in 1993, when the founding owner of the Carolina Panthers, Jerry Richardson, brought an NFL franchise to the Carolinas and started selling tickets. In the franchise’s first season, the Panthers played their home games in Clemson, South Carolina, before moving in 1996 to what was then-called Ericsson Stadium.

The stadium’s name changed to Bank of America Stadium in 2004, a naming rights deal that was extended last December.

The stadium’s construction was made possible by several revenue streams at the dawn of the Panthers’ franchise. Among them was the Max Muhleman innovation known as the Permanent Seat License — a policy employed by TSE sports teams that requires fans to pay a one-time fee for a PSL in order to have access to pay for season tickets. The concept contributed more than $100 million to the stadium’s eventual cost of around $187 million, the Observer previously reported.

The renovation will be made possible by a just-extended tax.

The General Assembly extended last year Mecklenburg County’s 1% meals tax — which covers prepared food and drinks sold at venues such as restaurants and bars — until 2060. Revenue from the tax is used to support hospitality related projects, including stadium renovations.

State Rep. John Bradford, a Mecklenburg County Republican, introduced a bill to extend a hotel occupancy tax, too. However, that bill stalled in a General Assembly committee.

This breaking news story will be updated.