Charlotte gets latitude on taxes for NFL stadium


Tags: , , , , , , ,

Submitted: Thu, 04/11/2013 - 5:41pm
Updated: Thu, 04/11/2013 - 5:43pm
By:

RALEIGH, NC (AP) — Legislators have given final approval to let the city of Charlotte use current area hotel and prepared food and beverage taxes to assist with upgrades the Carolina Panthers want for Bank of America Stadium.

The Senate voted unanimously Thursday to broaden how the city can use its share of revenues beyond paying for the Charlotte Convention Center. The bill originally passed the House and becomes law now because it’s a local matter.

The bill doesn’t raise the taxes as city leaders originally wanted and generates $34 million less than the NFL team sought from the city for nearly $300 million in upgrades it wants to begin after next season.

Lawmakers and Gov. Pat McCrory have said additional funds aren’t coming. The city is likely to borrow money now.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Leave a Reply