CHARLOTTE, N.C. -- Charlotte City Council has endorsed a proposal that would give the Carolina Panthers nearly $144 million in city money over the next 15 years for upgrades to Bank of America Stadium.
The deal is contingent on state lawmakers approving a one percent food and beverage tax, however, and still needs to be finalized.
In the deal the Panthers will contribute $96.25 million over the next 15 years. The state would supply $62.5 million, with that money coming from the aforementioned food and beverage tax.
The $143.75 million in taxpayer money from Charlotte would come from the proceeds of a one percent addition to the food and beverage tax in Mecklenburg County.
If finalized, the move guarantees the Panthers stay in uptown for the next 15 years--even if ownership changes. In a statement sent out Friday afternoon, the city said the public will have the opportunity to weigh in before City Council moves forward this spring.
To approve the deal, the General Assembly in Raleigh would have to approve as well as City Council in a formal vote this spring.