The North Carolina Office of the State Auditor will oversee Charlotte’s $650 million investment to renovate Bank of America Stadium, adding new accountability to one of the region’s largest public projects.
The plan received unanimous approval from the North Carolina Local Government Commission, allowing the City of Charlotte to move forward with financing.
The city will issue $650 million in Special Obligation Bond Anticipation Notes to fund the renovations. Charlotte City Council approved the spending in a 7–3 vote in 2024.
The tax payer funding will come from Charlotte’s Convention Center Fund, raised through a one-percent tax on restaurant tabs and hotel stays.
The new Bank of America Stadium would feature:
- A park-like setting and exterior video boards for watch parties.
- A new sound system, scoreboard, and video boards.
- Social areas with skyline views and improved concessions.
- Expanded Team Store for Panthers and Charlotte FC fans.
- New seats and upgraded restrooms.
- Improved accessibility for individuals with disabilities.
- Enhanced safety and security features, including better lighting.
- Redesigned South Lawn Pavilion for community use.
- Modernized building systems to reduce environmental impact.
Dave Boliek backed the plan, citing the city’s triple-A bond rating and verified ability to repay the debt. His office will now work with the city and Tepper Sports & Entertainment to provide regular updates and added transparency.
“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 in a press release. “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 funding is supported by the Mecklenburg meals tax extension approved by the North Carolina General Assembly and signed into law in 2023.
Bank of America Stadium, operated by Tepper Sports & Entertainment since 2018, hosts about 40 major events annually along with dozens of corporate and community events. The venue draws visitors from across the country and more than 75 nations.
City leaders say the upgrades will help Charlotte compete for major events while securing a non-relocation agreement for the Carolina Panthers and Charlotte FC through April 1, 2046, delivering long-term economic benefits for the region.
