City Council Considers Bank of America Stadium Upgrades

One of the goals of the stadium renovation would be to benefit the local community through a robust minority, women and small business enterprise (MWSBE) strategy to ensure that locally owned businesses receive a significant portion of the work. There is also workforce development strategy and community support/civic engagement. Some examples and potential goals were presented to City Council at the June 3 Jobs & Economic Development Committee meeting.

An economic impact report by Dr. Tom H. Regan, Department of Sport and Entertainment Management, University of South Carolina found that the stadium has $1.1B annual economic impact to the Charlotte MSA, helped create/support more than 9,000 jobs, and generated more than $54M in taxes in 2023. More than 40 events are held at Bank of America Stadium each year, attracting visitors from across the region and around the world. In 2023, nine of the 10 busiest days for Uptown occurred on days when there were events at Bank of America Stadium. Events at the stadium support the region's hospitality and tourism industry, as $8.3M was spent on hotels and restaurants at the 2022 Duke's Mayo Bowl. Additionally, the Beyoncé concert in 2023 was the 10^th highest revenue night for hotels in Mecklenburg County history.

Funds would come from the Convention Center Fund, which is derived from sales taxes and is legally required to be spent on projects to support the city's tourism economy. Permissible uses include Convention Center facilities, including parking; convention and visitor promotion; stadiums greater than 60,000 seats and ancillary, associated facilities; amateur sports facilities and ancillary facilities.

Yes. The city has a hospitality capital investment policy checklist. The city's finance department have reviewed this proposal, analyzed the city's ability to afford this proposal and the city can afford to do this proposal and retain the ability to consider other projects in the future.

TSE would be contractually obligated to pay for any cost overruns and additional projects. TSE has agreed to contribute $150M from 2025-2029 and pay for capital improvements as well as operations and maintenance costs through 2045 which is estimated to be $421M.

TSE owns the stadium and pays property taxes on the facilities it owns.

Potential upgrades include improved seating, upgraded restrooms and other fan amenities, modernized scoreboard/videoboard, improved sound equipment, a new City View Patio on the 500 level, and safety and security enhancements.

Since Bank of America Stadium opened in 1996, the City of Charlotte has spent $75M on the facility. The private sector (previous ownership and TSE) has spent approximately $500M on stadium enhancements/maintenance, fields and related improvements during that time.

The City of Charlotte's funds are capped at $650M. Any cost overruns or additional work would be paid for by TSE.

None of the city's money would go to TSE. The city would directly pay companies which are doing the work to renovate the stadium. Many of those companies would be locally owned/operated and employ Charlotte-area residents.

City Council will discuss and consider the proposal at a number of meetings over the next several weeks and could vote at the June 24 Council Business Meeting.