SBD/March 7, 2013/Facilities

N.C. Lawmakers Not Budging On Existing Tax Stance For BofA Stadium Upgrades

A bipartisan group of North Carolina legislators led by State Sen. Ruth Samuelson of Charlotte, “rejecting a plea from tourism officials,” indicated yesterday that their proposal to help finance renovations at Bank of America Stadium “might be the best the city can hope for,” according to Morrill & Harrison of the CHARLOTTE OBSERVER. A bill introduced last week “would allow the city to use taxes earmarked for the Convention Center to help pay for stadium renovations.” The bill was “offered as an alternative" to the city of Charlotte’s request to double the 1% local food tax to raise $144M for stadium upgrades. The existing taxes earmarked for the Convention Center would allow $110M in "new city debt," $34M less than the Panthers "requested from the city.” Using that money also could “leave nothing for Convention Center upgrades.” Samuelson said, “The reality is that the amount of tax revenue is not going to be enough to do everything the city wants to do. So the city is going to have to prioritize” (CHARLOTTE OBSERVER, 3/7).
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