CHARLOTTE, N.C. — Charlotte City Council approved a $650 million contribution toward renovations at Bank of America Stadium, the home of Charlotte FC and the Carolina Panthers.
The upgrades will create an updated look and feel at the stadium, which is one of the oldest in the NFL. The Panthers have played their home games at Bank of America Stadium since 1996. The stadium has undergone updates during that time, but nothing like the proposed renovations that were approved on Monday.
Charlotte City Council voted 7-3 to approve the measure.
The plans include installing huge screens and gathering spaces outside of the stadium. On the inside, fans would be treated to new seats, improved concessions, restrooms and better accessibility.
The $650 million will be taken from the tourism and hospitality tax fund. Tepper Sports & Entertainment will pitch in $688 million, including $571 million in new investments. As part of the deal, the Panthers and Charlotte FC will remain in the Queen City for 20 years. The renovations are expected to be completed by the 2029 NFL season.
"Today's vote by the Charlotte City Council is the culmination of many thoughtful discussions with city officials, local leaders, and our fans to create a shared vision for Bank of America Stadium," David Tepper, the owner of the Panthers and Charlotte FC, said in a statement. "Nicole and I are grateful for the collaboration and support of the project, as well as our ongoing partnership between Tepper Sports & Entertainment and the city."
Public feedback on the project was mixed. City Council held a listening session earlier this month to gauge public interest. Responses varied from business owners supporting the decision to taxpayers saying they're leery of giving so much money to owner David Tepper after he backed out of projects at the Eastland Mall and in Rock Hill.
"One in nine individuals work in travel and tourism in Charlotte," City Councilman Malcolm Graham said. "Between Carolina football games, Charlotte FC soccer matches, bowl games and concerts, it creates a $1.2 billion economic windfall."
While the council voted on the renovations, officials also discussed laying the framework for when a new stadium could be built. An agenda for Monday's meeting includes a note about the timeline, saying negotiations are expected to begin on or before April 1, 2037, to have a new stadium built by 2046.
The proposed dates seem anything but certain. Instead, they seem to indicate a proposed commitment for the David Tepper-owned teams to stay in Charlotte for the long term. Tepper has long said he wants a new stadium to house his professional sports teams, live concerts and other special events.
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