CHARLOTTE, NC (WBTV) - South Carolina Governor Henry McMaster sent a letter to state senators requesting their support of job tax credit eligibility for sport teams- a requirement needed in order for the Carolina Panthers to relocate their headquarters and practice operations.
Statutory changes to the Professional Sports Franchise Act are required for sports teams to be eligible for job tax credits and job development credits. The incentives would only become available to the Panthers after development is completed and certification of the state’s investment.
The Panthers have already committed to investing a minimum of $200 million for the construction of its facility in one of South Carolina’s lower-income counties, according to the letter sent out Monday by the governor’s office.
Upfront costs to relocate the team’s headquarters would also include approximately $40 million for construction to Interstate 77.
The South Carolina Department of Commerce put together a 15-year cost-benefit analysis that estimates a net positive value of more than $188 million for South Carolina and a $3 billion impact to the region and to the state.
If approved, the new team facility would be designed similar to the Dallas Cowboys’ headquarters, “The Star”, with sports medicine and retail facilities, hotels, convention space and restaurants.
Governor McMaster says the relocation of the team’s operations would create economic growth and boost the state’s brand around the world.