FEEDBACK NEEDED: Charlotte City Council is considering a new, updated contract between the City of Charlotte and the @hornets that would renovate @spectrumcenter and extend the Hornets' lease of the building through 2045. The council is tentatively scheduled to vote on the updated agreement on June 13.
- The city is contractually obligated to maintain and make improvements to the building. The estimated costs for needed repairs and improvements is approximately $173 million. Additional arena renovations would cost $42 million.
- Money to pay for the upgrades to Spectrum Center would come from rental car and hotel sales taxes that, by law, must be spent on projects to support the city's tourism economy.
- Also being discussed is redeveloping the site of the Charlotte Transportation Center to build a performance center, creating an entertainment district around Spectrum Center. The city would contribute $60 million to the performance center, paid for by new revenues generated by naming rights and other opportunities, not from tourism taxes.
Learn more about the deal share feedback: https://cltgov.me/Spectrum
Original source can be found here.
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