BREAKING: City Council approves $650M for stadium
7-3 vote; Work could start as soon as next year
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Deal would ensure Charlotte keeps pro football and soccer; economic benefits cited
by Tony Mecia
The Charlotte City Council voted 7-3 tonight to approve spending $650M in tourism tax money to help renovate Bank of America Stadium, a bipartisan move that backers described as a wise investment that would keep a major economic engine in Charlotte.
“You can argue about the numbers, but we expect to have a $1.2 billion economic impact, which goes to support those who work in the travel and tourism industry: waiters, waitresses, busboys, bell hoppers, small business owners, Uber drivers, Lyft drivers — all will feel the impact of this particular deal,” said council member Malcolm Graham, who heads the council’s jobs and economic development committee.
Voting “yes” on the deal were Democrats Graham, Danté Anderson, Marjorie Molina, LaWana Mayfield and James Mitchell and Republicans Tariq Bokhari and Ed Driggs.
Democrats Dimple Ajmera, Renee Johnson and Tiawana Brown voted “no.”
Council member Victoria Watlington was absent. Mayor Vi Lyles didn’t vote, as Charlotte’s mayor votes only to break ties. Lyles has said she “strongly” supports the deal.
The council, made up of nine Democrats and two Republicans, had been widely expected to approve the deal, which had been negotiated between city staff members and Tepper Sports and Entertainment, the owner of the Carolina Panthers and Charlotte FC. The council almost never rejects recommendations from city staff, especially on major issues, because in many cases the outlines of policies are discussed and shaped privately ahead of public discussions and votes.
The deal: The council approved spending $650M in public money toward a deal valued at $1.3B, which includes maintenance and credits for past construction. The overall renovation is estimated to cost $800M and includes replacing seats and scoreboards, updating plumbing and electrical work and creating more lively outdoor spaces and a “social patio” in a sector of the upper deck. The city’s money would come from taxes on hotels and prepared food, which are required by state law to be spent on tourism-related projects.
Renovations will include a “social patio” standing area in the upper deck and new scoreboards, among other upgrades. (Rendering courtesy of Tepper Sports and Entertainment.)
Tepper Sports would agree to keep its teams in Charlotte through 2039, and to pay a penalty if they move away before 2044. The two sides have agreed to start discussions on building a new stadium by 2037.
Backers say: Proponents of the deal said the stadium draws crowds for sports, concerts and other big events that draw visitors and their open wallets to Charlotte, while also providing immeasurable national exposure and big-league experiences.
Opponents say: Skeptics of the deal said stadiums do little to contribute to economic growth and that tax money should not go to billionaires like David Tepper, a hedge fund manager. They also said the process of receiving public feedback, which spanned three weeks, was rushed.
➡️ What’s next: The council’s vote authorizes City Manager Marcus Jones — working with the city attorney’s office and sports financing consultants — to negotiate a legally binding contract with Tepper Sports. Construction on the stadium could start as early as 2025.
Related Ledger articles/podcasts/online discussions:
“City proposes spending $650M toward stadium renovation” (June 3)
“What questions do you have on Panthers stadium deal?” (online discussion, 🔒, June 3)
“The 8 biggest changes proposed for Bank of America Stadium” (June 4)
“The economics of stadium renovations” (🎧 podcast, June 5)
“How Charlotte’s stadium deal compares with deals in other cities” (🔒, June 7)
“Backers of stadium renovation say economists don’t know what they’re talking about” (🔒, June 12)
“As city schedules public hearing on stadium deal, city council committee vote signals it’s full steam ahead” (🔒, June 14)
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Executive editor: Tony Mecia; Managing editor: Cristina Bolling; Staff writer: Lindsey Banks; Business manager: Brie Chrisman, BC Creative