Charlotte City Council approves $650M for Panthers stadium renovations

Charlotte City Council approved $650 million to modernize Bank of America Stadium .

Why it matters: The deal between the local government and Tepper Sports & Entertainment locks the Carolina Panthers and Charlotte FC into a 20-year agreement to stay in Charlotte.

Plus, the 1996 stadium revamp is anticipated to attract more large-scale events to the city.

Driving the news: Monday night, city council voted on the terms of the contract. It'll use revenue from hospitality and tourism taxes as the funding source.

• During the meeting, business leaders continued to voice an outpouring of support for this project. Former Panthers running back Jonathan Stewart also made an appearance in an attempt to persuade council.
• "This is an investment in our city's future, economy and residents," Stewart said. "It signifies our dedication to growth progress."

The other side: Critics have accused officials of rushing the approval process and lacking transparency. Three members voted against it: Dimple Ajmera, Tiawana Brown and Reneé Perkins Johnson.

• "It sounds real good until we get Mr. Tepper angry again...and then he, you know, might throw something at city council," Brown said, referring to when Panthers owner David Tepper threw a drink on a fan.
• Ajmera said she did not have a copy of the contract or economic impact report: "I'm expected to cast my vote on the largest investment of public funds in Charlotte's history...without all facts before me."

The intrigue: As part of the contract, the city is setting a timeline to discuss additional funds for a new stadium . The plan is to start negotiating in 2037 and have a replacement facility by 2046 when Bank of America Stadium will be 50 years old.

• "It's aspirational, and we cannot bind another council to what will happen in the future," council member Malcolm Graham clarified.
• Bank of America Stadium is one of the oldest stadiums in the NFL.

Zoom in: Construction at the stadium will begin next year and should finish in 2029. The renovations will improve seating, locker rooms, restrooms and sound equipment. There will be a new patio on the 500 level, modernized boards and an "elevated" façade.

• Notably, plans don't include a dome or retractable roof.
• Of the contractors hired using the city funds, 27% will be minority- or women-owned businesses.

By the numbers: Tepper Sports & Entertainment expects to have invested $688 million into the facility between 2018, when Tepper bought the team, and 2045.

Between the lines: The debate over the stadium renovations also opened up a conversation about what the revenue from the extra tax on hotels and restaurants should be used for .

• State law currently limits the funds to tourism-related spending, but some opponents believe that should encompass parks or transit.

What's next: There will be another vote in the fall related to the financing.

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