CHARLOTTE, N.C. — In the days since the new renderings for major renovations at Bank of America Stadium dropped, many people have had questions about the price tag. Some people are wondering, in particular, why the city of Charlotte would have to dish out some funds for the upgrades, and if this practice is common.
The proposed plan costs around $800 million for renovations. The city of Charlotte is expected to pay $650 million over the term of the deal while Tepper Sports pitches in $688 million, including $117 million that was invested before the announcement, plus an estimated $571 million. That $571 million would be comprised of $421 million for capital improvements and $150 million toward the renovation itself.
THE QUESTION:
Is it common for public funding to be allocated when it comes to renovations of stadiums?
THE ANSWER:
Yes, it is common for public funding to be allocated when renovating stadiums.
SOURCES:
First, this is not an uncommon practice.
The Buffalo Bills are in the process of constructing the team's new stadium, with an estimated cost of $1.7 billion. The state and Erie County are footing $850 million for that new stadium.
The Tennessee Titans are building an estimated $2.1 billion stadium. The city and state reached an agreement to pay for $1.26 billion.
According to the Baltimore Ravens, the three-year M&T Bank Stadium renovations will cost the state at least $430 million.
Earlier this week WCNC Charlotte verified these funds will not come from new taxes.
"The funds would come from the convention center fund, which is derived from sales taxes and is legally required to be spent on projects to support the city's tourism economy," a spokesperson with the city of Charlotte said.
Contact Meghan Bragg at mbragg@wcnc.com and follow her on Facebook, X and Instagram.
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