CHARLOTTE, N.C. (QUEEN CITY NEWS) — The future of whether Charlotte will spend hundreds of millions of dollars to help renovate Bank of America Stadium now rests in the hands of City Council members.
City leaders will vote next Monday on whether to use $650 million from hospitality and tourism tax revenue to fund the proposed project’s construction costs from 2025 through 2029.
The renovations have received mixed input in town. A majority of the responses Queen City News has seen at public hearings and via surveys are against the proposal.
Those who strongly support the renovation, however, include several individuals with partnerships with Tepper Sports & Entertainment, or own a small business in the uptown area and have benefited from the hundreds of millions of dollars generated from events held at BofA.
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The topic has brought a spotlight onto the city’s Hospitality and Tourism tax.
The Greater Charlotte Hospitality and Tourism Alliance reports roughly $130 million in tax revenue in Mecklenburg County in the 2023 fiscal year, and more than $600 million in sales tax revenue annually.
The president and CEO of the Alliance, Mohammed Jenatian, stressed that the hospitality industry and its businesses have only been able to benefit from increased events at Bank of America Stadium.
“We understand what got us to where we are right now, and it’s our job to do whatever we can to make sure that we’re not taking anything for granted,” he stressed.
When asked why he feels the move would be beneficial, he pointed out past situations of cities – including this one — losing major sports teams.
The original version of the Charlotte Hornets left the Queen City in the early 2000s, which Jenatian said caused the hospitality industry to, “suffer a few billion dollars [lost revenue] and gave this city a black eye.”
From the insight he was able to provide, he said there is still enough money to be used for other projects like a tennis court complex or an aquatic center.
There will also be money allocated to the Charlotte Regional Visitor Authority to fund future tourism events.
When asked if the public should be concerned over potential tax increases to fund unexpected costs which could come from the project, he said no.
He also said it would not be in the best interest for the city to seek a partial ownership of the stadium.
This would mean the city would have to contribute to the hiring of employees, and the potential liability which could come from the stadium.
“[Tepper] will do everything to maintain the stadium, to operate the stadium, and the cost to the city is going to be zero,” he explained.