CHARLOTTE — The business community is supportive of a renovation project proposed by the Charlotte City Council at Bank of America Stadium.
On Wednesday, business, sports and hospitality leaders held a press conference at the Charlotte Regional Business Federation to show their support for the deal.
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The Charlotte City Council is considering spending $650 million to renovate the nearly 30-year-old stadium, home to the Carolina Panthers and Charlotte Football Club. The money would come from the Convention Center Fund, a fund that can only be used for convention center renovations, amateur sports and renovations to Bank of America Stadium.
Leaders say one in nine people in Charlotte work in the hospitality industry, and investment in Bank of America Stadium will help keep the industry thriving.
Danny Morrison, president of the Charlotte Sports Foundation and a former Panthers chairman, said he believes the changes will make Bank of America Stadium one of the best in the nation.
“I love that this is a traditional American stadium, and you can move around on all levels,” Morrison said. “Now they’re going back to that new architectural style, and I really believe that with the modernization and refresh, this will be the best outdoor stadium in America.”
The Charlotte City Council put a $650 million budget cap on the project, meaning Tepper Sports & Entertainment won’t be held accountable for any overruns, which developer Johnny Harris said are almost guaranteed on a project of this size. He said Charlotte not being held accountable for overruns is a big win for the city.
Ernst & Young’s Malcolm Corley said the project would have a generational impact on minority and female contractors, and that a deal of this magnitude was rare.
“They don’t come around that often, so we have to take advantage of it,” Corley said.
Charlotte resident Grace Fendrick plans to voice her opposition to the plan on June 24, before the City Council votes on the plan.
“I’m not very happy with the deal,” Fendrick said.
She is opposed to public funding for the stadium project.
“I think it’s incredibly irresponsible for the city council to set a precedent that they’ll do anything to keep someone in place for just 20 years,” Fendrick said.
Hotel owner Vinay Patel said people with questions about the impact of Bank of America Stadium should talk to business owners.
“I was very surprised to hear academic economists talking about how this may not be a good investment,” Patel said. “I don’t believe they’re talking to business owners. I don’t believe they’re talking to business owners who were doing business with George Strait on a Saturday night.”
(Watch previous video: Charlotte leaders consider $650 million for Bank of America Stadium renovations)
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