The Carolina Panthers and the City of Charlotte have proposed a partnership deal that would include an $800 million renovation to Bank of America Stadium and keep the NFL team there for 20 years.
The renovation would include a fixed $650 million investment from the city and another $150 million from Panthers owner David Tepper.
Tepper has already invested more than $117 million in the stadium prior to June and would also pay another $421 million in potential overages for capital improvements over the term of the deal, the team said Monday in a news release.
The city’s investment does not require any new or increased taxes.
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Charlotte City Council members are expected to meet over the next several weeks to discuss the Bank of America Stadium renovation project.
“Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years,” Panthers team president Kristi Coleman said in the release. “While Bank of America Stadium has solid infrastructure, investments are needed to ensure that our decades-old venue continues to deliver the best experience for our players, fans, and community.”
The city’s share would be funded by existing hospitality and tourism tax resources, which are legally required by the state to be spent on projects to support the city’s tourism economy.
“This renovation is about modernizing the stadium to deliver elevated experiences while preserving the overall character and location that fans have known and loved for decades,” Coleman said.
Bank of America Stadium opened in 1996.
The enhancements will include upgraded video and audio systems, modernized infrastructure, redesigned concourses, unique social areas with skyline views, and exterior spaces for community gatherings and programming.
Other important elements include new seating installed throughout the bowl, improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers. Restrooms would also be upgraded.
The south lawn pavilion area would be reimagined as a community gathering spot and outdoor classroom on game days and non-event days.
“Today was a first step in what will be a series of conversations with public officials,” Coleman said. “Our goal is to build a collaborative partnership so that this community asset can continue to generate unique and memorable experiences for fans, as well as economic impact for the city and region for years to come.”
The stadium also serves as home for Major League Soccer’s Charlotte FC and regularly plays host to college football games and concerts.
“Bank of America Stadium provides our Club one of the best home pitch advantages in Major League Soccer,” Charlotte FC president Joe LaBue said. “It also serves as a pillar of our community that supports our mission to be a unifying force in the city.”
Reporting by The Associated Press.
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