Title
Bank of America Stadium Improvements Project
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate and execute agreements between Panthers Football, LLC (PFL), DT Soccer, LLC (DTS), and Panthers Stadium, LLC (StadCo) (collectively referred to as Tepper Sports & Entertainment (TSE)) and the City of Charlotte in an amount not to exceed $650,000,000 for Bank of America Stadium improvements and a new Field House to include terms listed below. The Stadium and Field House are collectively referred to as "Stadium Facilities", and
B. Adopt a Budget Ordinance appropriating $650,000,000 from proceeds of debt in the Convention Center Capital Fund for Bank of America Stadium improvements and a new Field House.
Body
Committee Chair:
Malcolm Graham, Jobs and Economic Development Committee
Staff Resource(s):
Tracy Dodson, City Manager's Office
Explanation
* Bank of America Stadium (stadium) has been an economic and cultural anchor for nearly 30 years and has helped grow Charlotte.
* The city's investment does not require any new taxes to be collected for the contribution.
* The funding source for the project, Convention Center Fund, is derived from hospitality and tourism taxes that are legally required to be spent on projects to support the city's tourism economy, which includes funding and maintenance for the Convention Center, venues that seat 60,000 people or more, and amateur sports facilities.
* The renovation project is planned to invest in the community asset through maintaining and enhancing the stadium and building a new Field House. The project will also improve accessibility and increase sustainability.
* The renovations will help to deliver world-class entertainment and related economic impacts to our city for years to come.
* This project will require future Council actions. In order to issue debt, the Local Government Commission requires specific approvals at the time of the proposed debt issuance. Based on project timing...
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