Friday, February 8, 2013

Charlotte City Council Moves Forward with Carolina Panthers Negotiations

Charlotte City Council during the 2013 Mayor & Council Retreat Friday endorsed business terms as outlined in a City/Carolina Panthers/State of North Carolina partnership proposal for Bank of America Stadium and ancillary facilities. The proposal ensures that the Carolina Panthers remain in Charlotte and continue to generate an estimated $636 million in economic impact and nearly 5,000 jobs to the region annually. The proposal offered is one of the least costly set of public/private NFL major stadium improvements overall, and one of the least costly amounts of public participation in the last 20 years in the NFL.

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.