CHARLOTTE, N.C. — The Charlotte City Council is seeking public feedback as it considers a new, updated contract between the city of Charlotte and the Charlotte Hornets that would renovate Spectrum Center and extend the Hornets' lease of the building through 2045.
The city of Charlotte owns Spectrum Center and according to a news release, is contractually obligated to maintain and make improvements to the building. The estimated contractually obligated costs for needed repairs and improvements is around $173 million. In addition, the city council is considering contributing $42 million for further upgrades.
Also being discussed is redeveloping the site of the Charlotte Transportation Center to build a performance center, creating an entertainment district around Spectrum Center. The city would contribute $60 million to the performance center.
The money to pay for the upgrades to Spectrum Center would come from rental car and hotel sales taxes that, by law, must be spent on projects to support the city's tourism economy. The city said these funds are not part of the city's funds for police, fire, transportation, transit, and other city services.
The performance center would be funded by new revenues generated by naming rights and other opportunities, not from tourism taxes and not from the city's General Fund, the city said. Any cost overrun on the renovations and performance center would be covered by the Hornets.
The Hornets' lease, currently scheduled to expire in the 2029-2030 season, would be extended through 2045. The Hornets would pay a total of $32 million in rent through 2045 and continue its annual $1.1 million capital fund contribution
City leaders are seeking input and questions from the community ahead of the tentatively scheduled vote by the city council on June 13. Those interested can provide feedback on this form.
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