Tepper Sports & Entertainment announced plans for major renovations at Bank of America Stadium Monday, saying the decades-old venue "needs to evolve" to meet the organization's needs for the future.
The stadium serves as the home for the Carolina Panthers and Charlotte FC, hosting the Panthers since 1996. Monday's proposal means the teams will stay in Uptown Charlotte without having to find a temporary location for potential new stadium construction. Charlotte City Council will meet to discuss the stadium renovation project over the next several weeks, according to a Tepper Sports & Entertainment news release.
City Councilman Malcolm Graham chairs the Jobs and Economic Development committee where the proposal was laid out Monday. He said upgrades are needed.
"It’s well over 25 years old and it’s lacking in such basic amenities," Graham told WCNC Charlotte. "For example, it only has one freight entrance and when Beyoncé came to town and had a concert at the facility she had 80 freight trucks. So, there are major renovations that we have to do. I’m cautiously optimistic. I want to hear more from the public."
According to project leaders, the city's investment won't require any new or increased taxes. Instead, it will be funded by existing hospitality and tourism taxes legally required to be spent on tourism projects.
"We went to the General Assembly last year and got an increasing of the hospitality tax," Graham said. "It expires in 2060. So, we have the capacity to do it."
Rahiem Brooks lives in Davidson and is among those who say they'd rather see a winning season than an upgraded stadium.
"I don’t know," Brooks said. "The team doesn’t win enough games right now to warrant a $650 million budget allocation. Winning would definitely change the perspective."
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