City Council Considers Bank of America Stadium Upgrades

Published on June 03, 2024

Bank of America Stadium with city skyline in background

Charlotte City Council is considering allocating funds to help renovate and update Bank of America Stadium. Council is also considering extending the lease of Tepper Sports & Entertainment (TSE), which owns the Carolina Panthers and Charlotte FC and operates the stadium, including hosting concerts and other large-scale events.

Bank of America Stadium, which opened in 1996, is one of the oldest stadiums in the National Football League (NFL) and has undergone several renovations since it opened.

Any money used to renovate the stadium would come from a special fund created by sales taxes for hotel rooms and prepared food and beverage (i.e. restaurants). The city is legally required to spend these funds on projects to support the tourism economy, which includes sports facilities renovations and maintenance.

At a Jobs & Economic Development Council Committee meeting on June 3, 2024, City of Charlotte staff presented to the committee, other council members and the public a proposal including:

  • $650M City Investment
    • Funds for Facility Improvements & Modernization in 2025-2029
    • City funds capped at $650M
  • $688M TSE Investment
    • $150M Facility Improvements & Modernization + Cost Overruns in 2025-2029
    • $421M (est.) Capital Improvements + Operations & Maintenance through 2045
    • $117M Facility Improvements completed in 2018-2024
  • Total Stadium Investment: 1.3B (2018-2045)
  • 20-Year Non-relocation for Carolina Panthers and Charlotte FC

That presentation can be viewed in the city's YouTube channel and the materials provided at the meeting can be accessed on this page.

The city will hold a public comment period on the proposed stadium renovations on Monday June 17 from 3-5 p.m. in the council chambers of the Charlotte-Mecklenburg Government Center.

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Please find a list of frequently asked questions below. Additional materials will be posted as they are available. There is a field at the bottom of this page for you to share thoughts and feedback.

How would the community benefit from this project?

One of the goals of the stadium renovation would be to benefit the local community through a robust minority, women and small business enterprise (MWSBE) strategy to ensure that locally owned businesses receive a significant portion of the work. There is also workforce development strategy and community support/civic engagement. Some examples and potential goals were presented to City Council at the June 3 Jobs & Economic Development Committee meeting.

What is the economic impact of Bank of America Stadium?

An economic impact report by Dr. Tom H. Regan, Department of Sport and Entertainment Management, University of South Carolina found that the stadium has $1.1B annual economic impact to the Charlotte MSA, helped create/support more than 9,000 jobs, and generated more than $54M in taxes in 2023. More than 40 events are held at Bank of America Stadium each year, attracting visitors from across the region and around the world. In 2023, nine of the 10 busiest days for Uptown occurred on days when there were events at Bank of America Stadium. Events at the stadium support the region's hospitality and tourism industry, as $8.3M was spent on hotels and restaurants at the 2022 Duke's Mayo Bowl. Additionally, the Beyoncé concert in 2023 was the 10th highest revenue night for hotels in Mecklenburg County history.

How would the city pay for the renovations?

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. Permissible uses include Convention Center facilities, including parking; convention and visitor promotion; stadiums greater than 60,000 seats and ancillary, associated facilities; amateur sports facilities and ancillary facilities.

Can the city afford to pay for the renovations?

Yes. The city has a hospitality capital investment policy checklist. The city's finance department have reviewed this proposal, analyzed the city's ability to afford this proposal and the city can afford to do this proposal and retain the ability to consider other projects in the future.

What if the renovations cost more than the city has agreed to contribute?

TSE would be contractually obligated to pay for any cost overruns and additional projects. TSE has agreed to contribute $150M from 2025-2029 and pay for capital improvements as well as operations and maintenance costs through 2045 which is estimated to be $421M.

Who owns the stadium?

TSE owns the stadium and pays property taxes on the facilities it owns.

What renovations are being considered as part of this proposal?

Potential upgrades include improved seating, upgraded restrooms and other fan amenities, modernized scoreboard/videoboard, improved sound equipment, a new City View Patio on the 500 level, and safety and security enhancements.

How much money has the city spent on the stadium since it opened?

Since Bank of America Stadium opened in 1996, the City of Charlotte has spent $75M on the facility. The private sector (previous ownership and TSE) has spent approximately $500M on stadium enhancements/maintenance, fields and related improvements during that time.

Does the projected budget account for inflation?

The City of Charlotte's funds are capped at $650M. Any cost overruns or additional work would be paid for by TSE.

Would the city give money to TSE?

None of the city's money would go to TSE. The city would directly pay companies which are doing the work to renovate the stadium. Many of those companies would be locally owned/operated and employ Charlotte-area residents.

What happens next?

City Council will discuss and consider the proposal at a number of meetings over the next several weeks and could vote at the June 24 Council Business Meeting.


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