Friday, February 8, 2013
Charlotte City Council Moves Forward with Carolina Panthers Negotiations
Now that the basis of an agreement has been endorsed by the City Council, it is the City's desire to clarify all the considerations that have gone into keeping the team in Charlotte and making valuable fan friendly improvements to Bank of America Stadium.
The facts and the business case of the proposal terms upon which the City Council based its decision are outlined in the attached document (four pages). Highlights include:
• Total City investment is $143.75 million over 15 years
• Carolina Panthers contribution will be $96.25 million over 15 years
• The City and the Carolina Panthers have requested $62.5 million from the State of North Carolina
• The City's contribution is intended to be covered by the proceeds of a proposed 1% addition to the prepared food and beverage tax in Charlotte
• In consideration of this partnership, the Carolina Panthers will be tethered to Charlotte for 15 years
The public will have the opportunity to review and comment on the agreement before City Council takes final action later this Spring.
Posted by Buck Lawrimore at 4:17 PM