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 prac...
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