Panthers may not get the needed funds for stadium upgrades

The Carolina Panthers might have less money for stadium upgrades than anticipated if a N.C. House bill passes the legislature.

The bill would cut the amount of money available for the Bank of America stadium upgrade by $34 million from the amount proposed by the Charlotte City Council.

The bill, which is still being reviewed in committees, would allow Charlotte to use existing taxes to fund the upgrade — but it does not approve new taxes.

Gov. Pat McCrory also said that no state money would be available for the stadium renovations.

To cover the cost of $250 million in stadium upgrades, the Panthers requested $125 million from the city, and $62.5 million from the state.

The Panthers proposed covering the remaining costs, and in return, stay in Charlotte for another 15 years.

The Charlotte City Council initially proposed paying for the upgrade by doubling the city’s prepared foods tax to two percent for 30 years, but the current bill would prohibit the tax increase.

Although some city officials are worried that the Panthers could leave Charlotte due to the lack of money for the upgrades, there is no reason to think that the team will leave now, said Michael D. Barnes, chairman of the budget committee for the council.

NFL teams are important because they stimulate auxiliary spending in their home areas, create new jobs and bring team spirit to the city, Barnes said.

“A lot of people take pride in having a team,” he said.

But Rep. Bill Brawley, R-Mecklenburg, said Charlotte residents might not be happy paying more taxes.

“The main benefit is the bill does not increase taxes,” he said. “What it does is allow the city of Charlotte to reallocate their resources to the Panthers if they choose so.”

The original budget request made by the city was also unclear, Brawley said.

“It would have no chance of passage,” he said.

The city requested a total of $1 billion to pay for various upgrades, but explicitly stated that $125 million would be allocated to the stadium.

Brawley, a sponsor of the bill, said halting the tax increases was necessary.

“That’s our offer to Charlotte,” he said. “At this point, it is up to them to do what they need to keep the Panthers in Charlotte.”

The city is currently discussing their options with the Panthers, Barnes said.

“We will have to work with the team on scaling back or find some local source of funding,” he said.

But Steven Ireton, a sophomore at Clemson University and a fan of the Panthers, said the state and city should work together.

Ireton said a smaller city tax hike and some state money with a longer upgrade period would be reasonable.

“I hope that one day, the stadium will be a viable location for the Super Bowl,” he said.

Contact the desk editor at state@dailytarheel.com.