CHARLOTTE, N.C. (QUEEN CITY NEWS) — Charlotte city council could vote by the end of the month on whether to approve the funding of close to half of the $1.3 billion price tag associated with renovations to Bank of America Stadium.
The renovation project proposal was announced by Teppers Sports and Entertainment in early June.
David Tepper, one of the most wealthy NFL owners, and his organization asked for Charlotte city leaders to approve the contribution of no more than $650 million for the renovations, while the Tepper group would cover the additional $688 million and any unexpected costs that come up.
This would include a 20-year commitment to keep the Carolina Panthers and Charlotte FC in the Queen City.
City Council Member Ed Driggs said on Monday, “There’s a great deal of development that could be driven by it. There’s a huge opportunity for the hospitality industry.”
He went on to stress that he also still has many questions regarding the agreement which would be struck.
The cost of the city’s side of things would come from taxes, which go into the hospitality and tourism pot, and will not include a tax increase.
The money would also not go directly to Tepper Sports and Entertainment, but rather the contractors hired.
“It’s going to contractors that they hire, which employs people in the community,” Council member Malcolm Graham explained.
These payments would not be paid out in one lump sum, but as needed and will be tracked quarterly.
On Monday, the results of a week-long collection of community feedback were laid out in front of city council leaders.
They were given a basic outline of comments made, but have requested all 450+ comments submitted.
The most common feedback comments included:
- If there were going to be opportunities to partner with local businesses through these renovations, would the renovations include access options from the greenway?
- What opportunities, if any, would there be to improve the park?
- What types of assurances would be in place to protect the city’s interests/investments?
- What’s the full timeline of work and will it impact operations through the NFL, soccer, and concert seasons?
- Why was a dome not included in the renovation project? The answer, of which, is that it would cost roughly $500 million more.
A lone Carolina Panthers fan who attended Monday’s meeting said his concern rests on the request itself.
He said that it’s a problem that one of the richest NFL owners has asked to use Chalotteans’ potential tax dollars as hostage.
“It’s still a company . . . telling the city to give us money or we’ll leave, and at the end of the day, that’s a problem.”
There is a push for city council leaders to vote on the proposal by the end of June before they go on a 10-week break.
If it’s delayed, then there will be months of delay in future work if it’s approved.
Multiple city leaders asked for the option to hold a full community public hearing on the matter on June 17th.
A public hearing is currently scheduled for June 24th, the day the council is scheduled to vote on the proposal.