Charlotte trims money for Panthers stadium rehab

Published 12:00 am Tuesday, April 9, 2013

CHARLOTTE (AP) — Charlotte leaders remain committed to helping renovate the uptown stadium used by the city’s professional football franchise, but now say that help will fall short of the $144 million originally pledged.
The Charlotte Observer reported Tuesday that city council member and lead negotiator James Mitchell ruled out using taxpayer dollars for improvements to Bank of America Stadium at a Monday meeting.
Mitchell says the city will instead borrow $110 million.
The Panthers sought $125 million in city money for stadium renovations, along with $19 million for maintenance. The city hoped to raise the money by doubling the local 1 percent tax on prepared foods and beverages, but state lawmakers torpedoed that plan.
In exchange for the money, the Panthers would promise to stay in Charlotte for another 15 years.