Title
Tepper Sports and Entertainment Agreements for Major League Soccer (Eastland Mall Redevelopment and Bank of America Stadium)
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate and execute development and improvement agreements, leases, licenses, and related agreements with Tepper Sports & Entertainment (TSE) setting forth the terms and conditions of the city and TSE's partnership regarding bringing Major League Soccer (MLS) to Charlotte, sharing in costs associated with Bank of America Stadium-related improvements for MLS, the creation of a vision for a mixed-use district in Uptown to support activation around Bank of America Stadium, the creation of the MLS Elite Academy headquarters and soccer complex at the Eastland Mall site, and provision of community benefits throughout the city;
B. Authorize the City Manager, or his designee, to negotiate and execute agreements with TSE for the reimbursement of costs for expenses associated with MLS at Bank of America Stadium and the Eastland Mall site in an amount not to exceed an aggregate of $35 million, which will be reimbursed from Hospitality Funds; and
C. Authorize the City Manager to negotiate and execute any further agreements, documents and instruments, and revisions to TSE/City agreements, as may be necessary in connection with each of the above.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Explanation
* In November 2019, City Council agreed to the concept that up to $110 million of Hospitality Funds could be spent to develop a MLS facility at the Eastland Mall site, make improvements to Bank of America Stadium, and the development of a long term vision and strategy for a district in Uptown that retained MLS and National Football League (NFL) in Charlotte for the long term.
* Due to the economic disruption and damage caused by the COVID-19 pandemic and the continued interest in building a partnership that benefits multiple parts of the City of Charlotte for ...
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