In a unanimous vote Monday evening, the Charlotte City Council approved a package that will give the Carolina Panthers $87.5 million to assist renovation projects at Bank of America Stadium.
The deal makes it prohibitive for the Panthers to seek to move before the end of the 2018 season and there would be a substantial penalty if the team sought to relocate in the next decade. The Panthers are contributing $37.5 million to the project for the 17-year-old stadium, according to the Charlotte Observer.
The plan is to install escalators along with new video boards and other upgrades for the facility. Included in the deal is a provision to lessen the team’s property tax bill so it will not shoot up as part of the improvements.
Charlotte is sensitive to keeping it marquee professional sports franchise after once losing an NBA team.
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Brad Biggs covers the Bears for the Chicago Tribune