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.
Follow me on Twitter: @BradBiggs
Brad Biggs covers the Bears for the Chicago Tribune
Check out our partners at TiqIQ for the best deals on all games on the 2014 NFL schedule.
SEP 02 Jeff Fedotin
Kansas City re-signs Smith, stashes young backup QBs on roster.
AUG 28 Joel Corry
Between injuries, trades and positional battles, the financial landscape for several key players has shifted dramatically.
AUG 26 Joel Corry
The highly productive Dallas wideout is headed for a big-time payday.