North Carolina Construction News staff writer
The North Carolina Office of the State Auditor has released an initial report outlining expenditures and oversight of the $1.3-billion renovation of Bank of America Stadium in Charlotte, including $650 million in public financing.
The report, released as construction work proceeds, provides an overview of project financing, planned public and private contributions, construction payments and anticipated oversight.
As of August 2026, the City of Charlotte had authorized and funded approximately $3.1 million in project-related disbursements. That included $632,000 for debt-financing costs and $2.5 million for construction.
Major spending categories include building structure and exterior work; mechanical, electrical and plumbing systems; construction management and coordination; site, landscape and infrastructure work; and professional, design, consulting and testing services.
Total renovation costs for Bank of America Stadium and related facilities are projected at $1.3 billion, with completion expected in 2030.
The financing includes $650 million in bonds, $150 million committed by Tepper Sports & Entertainment under its agreement with the City of Charlotte, and an additional $500 million investment announced by the company.
State Auditor Dave Boliek said the report represents a shift in how his office monitors major publicly funded projects, providing information while construction is underway rather than reviewing expenditures after completion.
“This initial review of the Bank of America Stadium project marks a shift at the Office of the State Auditor. We’re providing the public with ongoing transparency on stadium renovations, rather than stepping in late after the taxpayer-funded project is completed,” Boliek said.
“By engaging with business leaders and local government on economic development projects, the State Auditor’s Office is able to show North Carolinians how public investment is being utilized.”
The initial report also outlines the project’s expected public benefits and planned oversight measures, including the process for reviewing construction payments.
It is the first in a series of reports planned by the auditor’s office. Future reports are expected to provide independently reviewed information on amounts borrowed and disbursed, construction progress, significant project changes and oversight findings.
The reports are intended to provide the public with an ongoing account of how the $650-million public contribution is being managed.