Title
BOplex Improvement Project
Action
Action:
A. Approve up to $25,000,000 in capital improvements for the BOplex entertainment complex, and
B. Adopt a budget ordinance appropriating $25,000,000 in proceeds from installment financing in the Tourism tax fund for BOplex entertainment complex, and
C. Authorize the City Manager to negotiate and execute contracts associated with this project.
Body
Staff Resource(s):
Kathleen Cishek, General Services
Matt Hastedt, Finance
Holly Eskridge, Economic Development
Explanation
* BOplex has experienced record growth as a premier entertainment venue in Charlotte. In FY25,
o Welcomed 688,000 attendees to over 300 events; and
o Revenue rose from $2.9 million in FY15 to $19.2 million in FY25 representing a 562% increase
* BOplex is home to the Charlotte Checkers and Charlotte Crown and annually hosts graduations, concerts, and other community events.
* On March 3, staff provided a brief overview to the Mayor and City Council of needed improvements at BOplex as part of a larger presentation on economic development projects.
* On March 5, Charlotte Regional Visitors Authority (CVRA) and city staff provided a presentation to the Economic Development and Workforce Committee that outlined the need for HVAC improvements and a comprehensive MEP and structural assessment for the facility. The HVAC improvements reduce risks disruptions in facility operations and the MEP and structural assessment will provide the data needed for a 10-year capital improvement plan.
* On March 9, City Council received an overview of the March 5 Economic Development and Workforce Committee presentation.
* The estimated total project cost for HVAC improvements and MEP and structural assessment are $25,000,000.
* The Committee voted unanimously to refer the project to full council consideration.
* 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 b...
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