Charlotte City Council approves $275 million Spectrum Center renovations

CHARLOTTE, N.C. (WBTV) - The Charlotte City Council voted 10-1 to approve a new plan that will renovate Spectrum Center and extend the Charlotte Hornets’ lease of the building through 2045.

Under the city’s current contract with the Hornets, the city is obligated to pay $173 million for renovations. The current lease expires at the end of the 2029-2030 NBA season.

The renovations will total $215 million and $60 million will be provided for a new Hornets practice facility.

Renderings: What an underground Charlotte Transportation Center could look like

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. 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.

“Hornets Sports & Entertainment truly values the public-private partnership that we share with the City of Charlotte, including our agreement to manage Spectrum Center, which is a city-owned building,” the Hornets said in a statement. “We want to thank our mayor, the City Manager and his office, and the entire Charlotte City Council for recognizing the economic and community impact that Spectrum Center has within our region. We look forward to continuing to serve as stewards of Spectrum Center to make it the premier destination for sports and entertainment in the Carolinas. We are thrilled to have extended our lease agreement and ensure that Spectrum Center and Uptown Charlotte will remain the home of the Charlotte Hornets for an additional 15 years through 2045.”

According to city documents, the tourism fund would not have any money for projects until 2027.

The Hornets will pay a total of $32 million in rent through 2045 and continue its annual $1.1 million capital fund contribution through 2045.

Work on this could start as early as this summer.

Copyright 2022 WBTV. All rights reserved.