Title
Bank of America Stadium Additional Ground Lease Provisions
Action
Action:
A. Approve new provisions to the Bank of America Stadium Amended and Restated Ground Lease that contemplate future scenarios supporting the ongoing use of a Performance Venue (Stadium Annex) and Training Center beyond the 20-year non-relocation term for the Carolina Panthers and Charlotte Football Club, and
B. Authorize the City Manager, or his designee, to negotiate the additional Ground Lease provisions and include them in the Amended and Restated Ground Lease.
Body
Staff Resource(s):
Shawn Heath, City Manager’s Office
Holly Eskridge, Economic Development
Explanation
§ On June 24, 2024, City Council approved funding for the Bank of America Stadium Improvements Project and authorized the City Manager to negotiate and execute the agreements necessary to carry out the project.
§ Prior to the June 24, 2024, Council approval, the Jobs and Economic Development Committee (June 3, 2024) and City Council (June 10, 2024) received staff updates on key deal points related to the proposed Bank of America Stadium Improvements Project. This included the identification of a Stadium Annex as a possible Owner-Elected future project (i.e., solely private sector-funded) to be located on property subject to the Ground Lease.
§ The Bank of America Stadium Rezoning Petition RZP-2024-146, approved by Council on April 21, 2025, included all uses permitted by right under the Uptown Core District, including without limitation: stadium; practice/training facilities and field house; sports operations; and live performance venue.
§ Tepper Sports & Entertainment (TSE) plans to activate the Stadium Annex concept as an Owner-Elected privately funded project, as presented to Council in June 2024, by building a free-standing Performance Venue that would maximize the value of the Bank of America Stadium site as an economic and cultural anchor for Charlotte.
§ The Training Center includes the NFL Team practice fields and the new Field House to be constructed as part of the overall Stadium Improvements Project. The Training Center is subject to the non-relocation term required in the June 24, 2024, Council action (i.e., the NFL Team shall keep and maintain the NFL Team’s training and practice facilities on the Ground Lease property during this term).
§ This Council action authorizes the inclusion of specific terms into the Amended and Restated Ground Lease to be executed with TSE as part of the agreements necessary to carry out the Stadium Improvements and Field House construction. These provisions could not have been known at the time of the June 24, 2024, Council action. This will allow for the ongoing use of the Performance Venue and Training Center and associated benefits to the city beyond the 20-year non-relocation term should the NFL Team transition where it plays its home games.
Performance Venue Key Terms
§ In the event that after the initial 20-year non-relocation term, the NFL Team ceases to play all NFL Team Home Games in the stadium located on the Ground Lease property, TSE will have the option to extend the Ground Lease term for the Performance Venue land for an additional 20 years, and TSE will be responsible for the following:
- TSE shall pay the city annual rent of $500,000 for use of the Performance Venue land;
- TSE shall provide the city five use days per year for the Performance Venue;
- If TSE or any of its affiliates has acquired the NCDOT-owned land adjacent to the Performance Venue, the city shall have the option to purchase the land for $1.00; and
- At the end of the extended 20-year period, the city shall have the right to terminate the lease associated with the Performance Venue.
§ The Performance Venue must be a free-standing structure located within an approximate two-acre footprint adjacent to the Stadium and be used as a multi-purpose venue that includes uses such as music and special events.
§ The sublease or other occupancy agreement between TSE and the Performance Venue operator will be subject and subordinate to the terms of the Amended and Restated Ground Lease.
Training Center Key Terms
§ After the expiration of the 20-year non-relocation term, if the NFL Team relocates to another stadium within the Charlotte City limits, TSE shall have the option to continue Ground Lease rights to the Training Center land (approximately nine acres).