Charlotte trims money for Panthers stadium rehab

Apr. 09, 2013 @ 02:36 PM

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 (http://bit.ly/XpBIPE ) 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.

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Information from: The Charlotte Observer, http://www.charlotteobserver.com