The city of Charlotte could contribute $650 million to renovations to Bank of America Stadium under a deal proposed Monday.

The deal presented to the City Council’s economic development committee asks for one-time funding to help “modernize” the home of the Carolina Panthers and Major League Soccer’s Charlotte FC, assistant city manager Tracy Dodson said. The stadium opened in 1996 and has seen smaller renovations in the years since. Though, this would be the largest, most expensive and only one to request hundreds of millions in tax money.

Under the deal, the teams agree to “stay in this location for up to 20 years,” Dodson said. City Council could vote on the plan as soon as June 24, according to Monday’s presentation.

The city’s contribution would come from hospitality tax revenue, city staff said. Money from that tax must be used on tourism-related projects by law.

The city’s investment will not require any new or increased taxes, according to a news release. The investment includes a fixed investment of $650 million from the city, paid for by anyone who pays meals or hotel taxes in Mecklenburg County. An additional $688 million will come from TSE, the news release says — $117 million already spent on the stadium, $150 million for the immediate renovations and $421 million for anticipated future renovation costs and capital improvements.

“This is a good opening proposal,” council member Ed Driggs said.

Among the highlights of the renovation:

• New seats installed throughout the lower bowl

• Improved accessibility throughout the facility for people with disabilities

• Stadium safety and security enhancements, including improved lighting

• A reimagined South Lawn Pavilion area that can be used as a community gathering spot and outdoor classroom on game days and non-event days

• Upgraded restrooms

• Exterior enhancement

• Modernization of mechanical, plumbing, electrical and HVAC systems

A dome or roof is “not in our plans today,” said Caroline Wright, chief venue officer for Tepper Sports & Entertainment.

Charlotte City Council reaction

Committee chairman Malcolm Graham, whose District 2 includes parts of uptown, said council members will “ask a wide variety of questions” in the coming weeks. “I think this is a good introduction. The devil is always in the details,” he said.

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“We’re probably looking at the biggest project we have ever funded in the history of Charlotte,” Council member James “Smuggie” Mitchell said.

The city’s economic development committee is a subset of the full 11-member council. The full Charlotte City council is expected to discuss the proposal at 6 p.m.

When will stadium renovations happen?

In a presentation Monday, Tepper Sports & Entertainment presented a three-phase timeline to the city.

The first phase, which is currently in progress, includes: finalizing Bank of America Stadium’s master plan, completing an underway rezoning for a field house/practice facility and construction of that fieldhouse.

The second phase, which is scheduled to run from this year to June 2026, includes ensuring the city, residents and Tepper Sports are satisfied with the fieldhouse and stadium construction plans.

The third phase, which will through August 2029, involves finishing construction of the fieldhouse and stadium. The Panthers want to start fieldhouse construction in 2024 and stadium renovations in 2026. There are also four parts of stadium construction that Tepper Sports wants all finished by 2029.

Panthers stadium history and funding

The history of the uptown stadium starts well before it opened in 1996. That story really begins in 1993, when the founding owner of the Carolina Panthers, Jerry Richardson, brought an NFL franchise to the Carolinas and started selling tickets. In the franchise’s first season, the Panthers played their home games in Clemson, South Carolina, before moving in 1996 to what was then-called Ericsson Stadium.

The stadium’s name changed to Bank of America Stadium in 2004, a naming rights deal that was extended last December.

The stadium’s construction was made possible by several revenue streams at the dawn of the Panthers’ franchise. Among them was the Max Muhleman innovation known as the Permanent Seat License — a policy employed by TSE sports teams that requires fans to pay a one-time fee for a PSL in order to have access to pay for season tickets. The concept contributed more than $100 million to the stadium’s eventual cost of around $187 million, the Observer previously reported.

The renovation will be made possible by a just-extended tax.

The General Assembly extended last year Mecklenburg County’s 1% meals tax — which covers prepared food and drinks sold at venues such as restaurants and bars — until 2060. Revenue from the tax is used to support hospitality related projects, including stadium renovations.

State Rep. John Bradford, a Mecklenburg County Republican, introduced a bill to extend a hotel occupancy tax, too. However, that bill stalled in a General Assembly committee.

This breaking news story will be updated.