Charlotte had spent about $3.1 million as of August on the Bank of America Stadium renovation project. That figure comes from the first public accounting of the city's $650 million financing commitment, released Oct. 28 by North Carolina State Auditor Dave Boliek.

The report is the first in a planned series tracking how public dollars flow into the $1.3 billion stadium overhaul. For Mecklenburg County residents, the money trail runs through two local hospitality taxes collected on hotel stays and restaurant meals countywide.

"This is taxpayer dollars," Boliek told WCCB Charlotte. "After all, the issuance of a bond is really very analogous to the people's credit card."

Where the money went

Of the $3.1 million disbursed as of August, about $2.5 million paid for ongoing construction of the Panthers Field House, according to the report. The largest construction category was building structure and exterior work at roughly $1.1 million. Mechanical, electrical and plumbing costs totaled $711,726. Construction management ran $562,845.

The remaining $632,000 covered debt-financing costs. Legal services accounted for $298,160 and financial advisory services for $255,096, according to WCNC Charlotte.

How Mecklenburg taxes pay for it

Charlotte plans to repay project debt using revenue from two Mecklenburg County hospitality taxes: a 6% occupancy tax on hotel and short-term rental stays and a 1% prepared food and beverage tax paid by restaurants and caterers. Portions of each tax are dedicated to debt service on tourism-related facilities, including the stadium.

The city projects the dedicated slices of those taxes will generate about $35 million a year. That would be enough to cover debt service on up to $650 million in bonds assuming current interest rates and a 20-year repayment term, according to the auditor's report. Charlotte's fiscal year 2027 budget projects $33 million from the occupancy tax and $56.8 million from the food and beverage tax overall.

City policy restricts that hospitality revenue to uses including stadiums with more than 60,000 seats. Bank of America Stadium is the only venue in Charlotte that qualifies.

The bigger picture

Charlotte City Council approved the $650 million public share in a 7-3 vote in June 2024. Tepper Sports & Entertainment, which owns the Carolina Panthers and Charlotte FC, committed $150 million under its agreement with the city. The company announced an additional $500 million investment in July 2026, WCNC Charlotte reported.

The deal includes provisions requiring the Panthers and Charlotte FC to stay in Charlotte through 2040, with a financial obligation encouraging them to remain into early 2046. Construction is expected to wrap up by 2030.

City-funded improvements include a new social patio on the stadium's 500 level, upgraded scoreboards and videoboards, new seating, renovated restrooms and a redesigned exterior. The city is also paying for a new Panthers training facility near the stadium. Charlotte will own that building, and Tepper Sports & Entertainment will lease it.

Not an audit

The report is informational.

It does not include findings or recommendations about how the money is managed. Boliek's office said it is conducting separate oversight and audit work and will report on those results separately. The state plans to issue spending updates at least quarterly, according to WCCB Charlotte.