Title
NASCAR Hall of Fame Improvement Project
Action
Action:
A. Approve up to $25,000,000 in capital improvements for the NASCAR Hall of Fame,
B. Approve an interlocal agreement to reimburse the Charlotte Regional Visitors Authority for an amount up to $1,300,000 for NASCAR Hall of Fame design/development phase costs, and
C. Adopt a budget ordinance appropriating $25,000,000 in proceeds from installment financing to the NASCAR Hall of Fame Capital Projects Fund.
Body
Staff Resource(s):
Kathleen Cishek, General Services
Matt Hastedt, Finance
Holly Eskridge, Economic Development
Explanation
§ The NASCAR Hall of Fame welcomes more than 200,000 visitors each year, 65 percent of whom stay overnight, and engages approximately 21,000 students annually through its education program.
§ At the June 2 and August 4, 2025, Jobs and Economic Development Committee meetings the Charlotte Regional Visitors Authority (CRVA) briefed City Council on the need for capital improvements to the NASCAR Hall of Fame.
§ Objectives of the planned improvements to the 22-year-old facility include:
- Integration of NASCAR studio space into operations,
- Expansion of dedicated education program space,
- Modernized and functional learning environments,
- Increased scholarship capacity,
- Additional event rental spaces,
- Improved acoustical separation to enhance visitor experiences, and
- Enhanced entry and guest flow.
§ The estimated total project cost for improvements to the NASCAR Hall of Fame is $25,000,000.
§ The city intends to issue up to $25,000,000 in installment financing to fund the improvements. The approval of the installment financing will come back to City Council as part of a future action.
§ The installment financing will be repaid from the NASCAR Hall of Fame Tax Fund, which is supported by Hospitality Tax revenues (two percent of the eight percent Occupancy Tax). Eligible uses of these funds include construction and maintenance of the NASCAR Hall of Fame, the NASCAR Hall of Fame/Convention Center Crown Ballroom, and parking facilities, as permitted by the State of North Carolina.
§ On August 4, 2025, the Jobs and Economic Development Committee voted unanimously to recommend the funding for the NASCAR Hall of Fame Improvement Project be advanced to full Council for consideration of approval.
§ Action to approve the construction contract will be brought to Council for consideration in 2026.
Fiscal Note
Funding: NASCAR Hall of Fame Tax Fund
Attachments
Attachment(s)
Interlocal Agreement
Budget Ordinance