Support is mounting for a generational investment in Bank of America Stadium.
At a public hearing this week, the Charlotte City Council heard overwhelming community support for proposed upgrades to Bank of America stadium that would both modernize the stadium and secure two professional teams in the market for another 15 years.
More than two dozen people spoke at the public hearing this week including key members of the business community.
“This is the right time to make this investment,” Ali Summerville, business administration executive at Ally Financial and chair of the Charlotte Regional Business Alliance Executive Committee Board, said. “The impact of a world class stadium is more than just game day.”
The CLT Alliance, along with other leading economic development organizations, came together in support of the landmark stadium investment earlier this month.
“To remain competitive, we must play to win,” CLT Alliance interim President and CEO Andrea Smith said at a news conference hosted by the economic development organization. “This public-private investment is a strategic move to modernize and advance one of our foundational public hospitality assets.”
At the public hearing this week, CLT Alliance Chief Advocacy Officer Joe Bost called the stadium “one of the city’s most powerful economic assets.”
“An upgraded Bank of America Stadium is a vital ingredient in any economic development formula and the CLT Alliance appreciates the public and private momentum in advancing this investment,” Bost added.
“We’ll make it the best outdoor stadium in America, which will have tremendous impact as we compete with these other cities,” Danny Morrison, executive director of the Charlotte Sports Foundation, told the council.
Morrison touted the possibility of an upgraded stadium drawing major events to Charlotte.
Vinay Patel, SREE Hotels president and CEO, and Charlotte Regional Visitors Authority board member, pointed out the renovations would be paid for by the tourism tax fund, which is specifically earmarked for hospitality-related projects, and ensures the investment directly benefits the Charlotte community.
The public hearing comes on the heels of several key conversations taking place on the city level. The Jobs and Economic Development Committee of the Charlotte City Council, chaired by Council Member Malcolm Graham, met last week to discuss the proposed upgrades at Bank of America Stadium and to hear from business community leaders.
The committee received perspectives from Patel as well as Kieth Cockrell, president of Bank of America Charlotte and head of sports sponsorships; Chris Moxley, co-owner of 704 Shop; and Amanda McLamb CEO and co-founder of Resident Culture Brewing.
The speakers discussed the importance of maintaining Bank of America Stadium, a significant economic asset in Charlotte and the region. Patel noted the highest demand dates at hotels in Mecklenburg County are often tied events being held at Bank of America Stadium. Other panelists echoed the positive economic impact stadium events have on businesses and their employees.
This committee meeting followed a full committee discussion on June 10 and an ongoing online public comment page online. A final vote is expected June 24.
“As the voice of business, the Charlotte Regional Business Alliance thanks Tepper Sports and Entertainment and the City of Charlotte for their consideration to make such a critical investment in this community’s future and encourages the city council to advance this proposal,” Bost said.
