The Charlotte observer is reporting the Carolina Panthers requested $125 million from the Charlotte City Council in a closed meeting late Monday for renovations to Bank of America Stadium.
Last fall, City council members and Mayor Anthony Fox indicated they would be open to help pay for the upgrade to the 17-year-old stadium, which has been a long desired plan for the team.
According to unnamed sources, the Council discussed raising taxes in Mecklenburg County on prepared food and beverages by one penny. The increased tax would bring restaurant/bar tax to 2 percent, doubling revenue in the process.
Panther’s owner Jerry Richardson and team President Danny Morrison attended the meeting and met with the council after it’s conclusion, which was held in the basement of the Government Center and ended after 11 p.m.
The proposed tax increase may be the first step in Richardson’s plan to obtain funds for new renovations, but any increase in food and beverage tax must be approved first by the N.C. General Assembly.
