The Charlotte City Council last night “approved changes" to a 2022 agreement with the Hornets that will allow the team to “build a stand-alone practice center on taxpayer-owned property behind Spectrum Center,” according to Erik Spanberg of the CHARLOTTE BUSINESS JOURNAL. The council voted 7-1 to "move forward with the revised agreement." Charlotte city government will keep its $275M "commitment as negotiated in the 2022 agreement in exchange for a 15-year lease extension through 2045 by the Hornets at the city-owned arena." Terms within that $275M have shifted as $245M will "go toward arena renovations over the next two summers,” up from $215M, while “public funding for the practice center will be reduced" to $30M from $60M. The practice center will be "built on a 3.2-acre, city-owned parcel,” property that is now used as a gravel parking lot for the arena. In addition, the Hornets receive a “5-year option on the remaining 40% of the land” -- the practice center will occupy 60% -- to “build a hotel or related development tying into the arena." City government will “own a portion of the practice center commensurate” with its $30M investment in it. Having a small ownership stake “resolves a concern raised by several council members during discussion of the amended agreement: ensuring community events, such as youth basketball clinics and games, are part of the practice center’s use” ( CHARLOTTE BUSINESS JOURNAL, 3/26 ).
Charlotte City Council approves revised plan for Hornets practice center
