The North Carolina Office of the State Auditor will provide oversight of $650 million being committed by the City of Charlotte toward improvements and renovations to Bank of America Stadium.
The city’s contribution plans for the Bank of America Stadium renovation project were part of the consent agenda voted on today by the North Carolina Local Government Commission (LGC). The city requested approval to issue $650 million of Special Obligation Bond Anticipation Notes to fund the renovations. The Charlotte City Council approved the $650 million spending terms in a 7-3 vote in 2024. In determining whether a proposed bond or note issue should be approved, the LGC considers a variety of items including a unit’s debt management procedures and policies, whether the proposed amount is adequate to accomplish the purpose of the project, and whether the project is necessary or expedient. The LGC voted unanimously to approve the city’s financing request.
State Auditor Dave Boliek voted to approve the request based on the city’s triple-A bond rating and the LGC’s staff verification the city is able to make its payments. To provide further oversight of the public funds, the State Auditor’s Office will work collaboratively with the City of Charlotte and Tepper Sports & Entertainment (TSE) to deliver regular updates and provide additional transparency and accountability on the project.
“This is an important project for Charlotte. With $650 million being spent in public funds, it is incumbent on the North Carolina State Auditor’s Office to provide regular financial oversight updates on the Bank of America Stadium upgrades,” said State Auditor Dave Boliek. “Through this innovative effort, and as the fiscal watchdog of the State, our office will bring transparency and accountability to the people of Charlotte on how the public’s money is being spent.”
The city’s financial commitment to Bank of America Stadium renovations was possible due to the Mecklenburg Meals Tax Sunset Extension that was passed by the North Carolina General Assembly and signed by the governor on October 25, 2023.
Bank of America Stadium, owned and operated by TSE since 2018, hosts about 40 major events annually, along with 80 to 100 corporate and community events. The stadium attracts visitors from all corners of North Carolina, all 50 states, and over 75 countries. In partnership with the City of Charlotte, the renovation project seeks to enhance the venue, enabling the city, as well as North Carolina and South Carolina, to continue competing for premier events and driving significant economic impact. The project also commits TSE to a non‑relocation agreement for the Carolina Panthers and Charlotte FC through April 1, 2046.