Charlotte’s ‘best stadium deal in the United States’ may have already been topped | Opinion

Charlotte’s deal with the Carolina Panthers to renovate Bank of America Stadium — a proposal which one city councilman called the best stadium deal in the country — may already have been bested.

Just one day after Charlotte City Council voted to approve $650 million for the renovation project, the Jacksonville City Council approved a deal with the Jaguars on a $1.4 billion renovation of their own stadium.

Under the Jacksonville agreement, the city and the Jaguars will each contribute $625 million to the renovation. The 50-50 financial split is higher than most NFL owners contribute toward new or renovated stadiums, The Associated Press reported. The city will also pay $150 million over the next two seasons on maintenance and repairs to prepare for construction, which effectively means the city will bear 55% of the total cost. Also part of the deal is a new lease that will keep the Jaguars in Jacksonville for another 30 years, and the renovations will include a roof.

Compare that to Charlotte’s deal, which is a $800 million renovation. The city will contribute $650 million and Tepper Sports and Entertainment will pay the remaining $150 million up front. Tepper Sports’ portion also includes $421 million for anticipated future renovation costs and capital improvements, plus the $117 million spent on improvements since Tepper purchased the team in 2018. The approved terms include a 20-year non-relocation agreement, but that could decrease to just 15 years as long as Tepper Sports pays any remaining city debt associated with the renovation. The renovations will not include a roof, and it allows conversations about a brand new stadium to begin in 2037.

Ahead of Monday’s vote, District 6 councilman Tariq Bokhari said the deal was the “best stadium deal in the United States over the past 15 years” and suggested it would even allow Charlotte to host the Olympics in 2040.

But Jacksonville’s deal doesn’t exactly doesn’t make the Bank of America renovation look like the crown jewel of stadium deals. To be fair, it is two different teams and two different cities, but there are some similarities between them. EverBank Stadium, where the Jaguars play, is a year older than Bank of America Stadium, and the teams are roughly the same age. Charlotte’s deal have been necessary to keep the Panthers from leaving the city, but Jacksonville is one of the NFL’s smallest markets, so the Jaguars likely would have had more incentive to relocate than the Panthers do.

Bokhari defended his position in a lengthy social media post Wednesday, saying that he believes that Charlotte’s deal is still superior to Jacksonville’s primarily because it is a one-time public investment and comes exclusively from tourism tax dollars. Jacksonville is using a “pay-as-you-go” campaign, whereas Charlotte is not required to pay for anything beyond the next five years. Jacksonville will not levy any new taxes to pay for the project and will pay for stadium improvements through its Capital Improvement Plan.

Some, like Bokhari, may still say that Charlotte got a better deal. But when Jacksonville taxpayers are forking over a smaller share of the costs for a bigger, better renovation, a longer non-relocation agreement and a roof (!) there are plenty of people in Charlotte who will question whether we really got the best deal in the country.