Published February 08, 2013
CHARLOTTE, N.C. – Charlotte's City Council is backing a plan to give the Carolina Panthers nearly $144 million from a food and beverage tax hike to pay for upgrades to its downtown stadium.
The tentative deal announced Friday by Charlotte Mayor Anthony Foxx would require approval from the N.C. General Assembly for the city to increase its prepared food and beverage tax by one cent. That part of the deal hasn't been settled.
The money would be paid over 15 years and requires the team to stay in Charlotte for that period of time. That would resolve concerns from city officials that the Panthers could relocate the franchise to another city.
The Panthers are proposing $250 million in upgrades to 17-year-old Bank of America Stadium, including more escalators and better video boards.