The Carolina Panthers have recently been granted a $144 million plan to renovate their Charlotte stadium. The money will come from a tax hike they will implicate on food and beverages. Next time you grab a bite or a drink you'll know that you are in fact paying for the renovations.
CHARLOTTE, N.C. -- Charlotte's city council has agreed to a plan that would give the Carolina Panthers nearly $144 million from a food-and-beverage tax hike to pay for upgrades to its downtown stadium, Mayor Anthony Foxx said Friday.
Foxx said North Carolina General Assembly approval would be needed 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 during that time. That would resolve concerns from city officials that the Panthers could relocate the franchise to another city.
Team officials declined comment on the announcement, referring all questions to city officials. However, Panthers owner Jerry Richardson addressed the concerns that the team would leave town if a deal couldn't be reached.