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Council clears stadium financing steps, approves ground-lease terms and performance-venue amendments
Summary
Charlotte council approved initial findings for special-obligation bonds, a short-term ground lease for construction staging, and amendments to the Bank of America Stadium lease to permit a privately funded 4,400-seat performance venue; two councilors voted against bond and ground-lease motions.
The Charlotte City Council on Oct. 13 approved multiple actions to facilitate renovation and related development at Bank of America Stadium, including initial findings needed to proceed toward issuance of special-obligation commercial-paper financing, a 60-month ground lease for a staging site, and amended lease provisions to allow a privately funded 4,400-seat indoor performance venue.
Matt Hassett, Charlotte's chief financial officer, told council the step to approve initial findings is procedural and necessary to place the city in the posture required by the North Carolina Local Government Commission before debt issuance. "No payment has been made to Tepper Sports and Entertainment or any vendors because the contracts had not been finalized by this council or the NFL," Hassett said.
What the council approved
- Initial findings resolution for special-obligation bonds/commercial paper (to support stadium redevelopment financing). Council adopted the resolution; two council members opposed the measure on record. - A 60-month ground lease of city-owned property at 705 West Fourth Street to PS Marks LLC for construction laydown and parking. Council approved the ground lease; the motion recorded two opposed votes. - Amendments to the stadium ground lease to contemplate a privately funded indoor performance venue (about 4,400 seats) and related operational terms. Council approved the amended lease terms with no recorded opposition.
Funding and private investment
City officials and council members emphasized that the performance venue and the ground-lease items approved are privately funded; council members repeatedly noted the private sector (Tepper Sports and Entertainment) is the principal investor in stadium renovation and venue construction. Council member Marjorie Molina said the approvals would activate a new performance venue type in Charlotte that could attract artists and increase downtown hospitality activity.
Votes and dissent
The clerk recorded two council members in opposition to the initial findings resolution and the ground-lease motion; those members cited transparency and accountability concerns. Other council members and staff highlighted the work undertaken over the last year to finalize contract details and to ensure legal and financial steps were in place before requests to the Local Government Commission.
Next steps
With council approvals in hand, staff will continue contract finalization and proceed with the Local Government Commission process as required for special-obligation financing. Council and staff also said they expect construction staging and renovations to be coordinated to minimize neighborhood disruption; staff noted that standard local noise and construction ordinances would apply.
