$2.35 Billion in LGC Finance Approvals Include Major Bank of America Stadium Upgrades

Bank of America Stadium, home to the NFL's Carolina Panthers, will begin seeing fan-friendly renovations after the Local Government Commission (LGC) approved three financing requests from the city of Charlotte (Mecklenburg County) totaling over $765 million.

The largest of the three requests commission members OK'd at their monthly meeting on April 1 was for $650 million in special obligation bonds. Proceeds will be used to pay for upgrades to Bank of America Stadium, which also is where the Major League Soccer team Charlotte Football Club plays, and related facilities. Debt service will be paid with occupancy and prepared food tax revenues. The Panthers ownership has said it will invest an additional $150 million in the project. The stadium, opened in 1996, will be modernized with plumbing, electrical and air conditioning renovations, scoreboards, lighting and upgraded seating, with a new upper-deck fan zone, among other improvements.

Charlotte was given the go-ahead to obtain $109 million in certificates of participation for multiple general government projects. Proceeds will pay for costs of expanding the 911 call center, build and/or renovate police, firefighting and other public safety facilities, acquire land, build a new animal care and control adoption facility, and acquire vehicles and equipment.

Charlotte also was given approval to refund $6.6 million in certificates of participation that were used to finance construction and improvements to various public facilities and projects. A net present savings of $269,420 is expected.

State Treasurer Brad Briner chairs the LGC. The commission is staffed by the Department of State Treasurer (DST) and has a statutory duty to approve most debt issued by units of local government and public authorities in the state. The commission examines whether the amount of money units borrow is adequate and reasonable for proposed projects and confirms the governmental units can reasonably afford to repay the debt. It also monitors the financial well-being of more than 1,100 local government units.

In other financing matters on the agenda , LGC members gave a green light to the North Carolina Medical Care Commission (NCMCC) to issue $619.1 million in conduit revenue bonds, a type of financing that allows it to direct the money to a third party. The proceeds will be used to reimburse Wake Forest Baptist Health for construction of the Julie Ann Freischlag Tower in Winston-Salem (Forsyth County) and to refund outstanding bonds. The hospital tower opened in 2025. It includes a 45-bed adult emergency department with four trauma rooms and private bays, 62 private pre-operative and post-operative acute care bays, 28 operating rooms and a private intensive care unit with 16 trauma and 28 cardiovascular ICU rooms.

The NCMCC also approved an application to issue $61.2 million in conduit revenue bonds to pay Plantation Village, a North Carolina nonprofit, for construction of Porter's Neck Village in Wilmington (New Hanover County). Proceeds will be used towards costs to equip, expand and renovate the continuing care retirement facility, demolition of some buildings, construction of 67 new independent living units and a new community building, with outdoor walking paths and other improvements.

LGC members voted in favor of a request from the City of Durham (Durham County) to issue $218 million in revenue bonds to prepay or refund previous financing at a savings.

Durham officials also received approval to issue $136 million in limited obligation bonds for multiple solid waste projects. Those include renovation of the city's Public Works Operations Center, construction and renovation of several fire rescue and police facilities including Fire Stations #18 and #19, and HVAC system renovations at the Durham Performing Arts Center, City Hall and City Hall Annex. Limited obligation bonds do not require voter approval. They will be paid for by city revenues.

The North Carolina Capital Facilities Finance Agency got a thumbs up to issue $150 million in conduit revenue bonds. The proceeds will be used to refund bonds issued by Wake Forest University (Forsyth County) for projects at an academic building, first-year residence hall, Hearn Plaza Residence Halls, the Wellness Center and other campus improvements. The university expects to achieve savings through the new financing.

LGC members signed off on a request from Buncombe County to issue $68 million in limited obligation bonds for improvements to multiple county facilities. Capital projects include vehicles, solid wase projects, courthouse repairs and solar installation on buildings. An existing installment financing contract will be refunded to achieve savings on debt payments.

The LGC also approved Buncombe County's application to issue $58 million in limited obligation bonds for renovations and improvements to buildings in Buncombe County Schools and Asheville City Schools. The county was OK'd to issue $15.2 million in limited obligation bonds to refund existing bonds at a present savings value of $398,000.

LGC members voted to approve a request from Wilmington (New Hanover County) to issue $73.5 million in limited obligation bonds for multiple general government projects. Those include street, sidewalk and streetscape improvements, construction of a parks maintenance complex, Water Street Park improvements and the purchase of radios. Part of the proceeds will be used to refinance existing installment payment obligations.

The city of Lexington (Davidson County) was authorized to use a $43.1 million State Revolving Fund loan for major improvements to remedy issues at the Lexington Regional Wastewater Treatment Plant. The plant, built in 1983, has spent significant staff time to resolve periodic maintenance issues in its solids treatment processes. Rate increases of 44.34% in water bills and 48.20% for sewer bills could be implemented, which would raise average monthly water and sewer bills for 5,000 gallons usage from $106.87 to $156.65 by the end of the project in 2030.

Other local government units that successfully applied for financing approvals were:

• Wake County, $21 million in limited obligation bonds for renovations at Hammond Road Detention Facility Annex and building a new Whitaker Mills EMS Station and new Sandy Plains Public Safety Station.
• Franklin County, $17.5 million in limited obligation bonds to purchase land for future economic development. Ashe County, $16 million in limited obligation bonds for solid waste landfill expansion and construction of a 12,500-square-foot metal building for a Department of Environmental Services/Solid Waste office and maintenance shop functions.
• Surf City (Onslow and Pender counties), $6.1 million State Revolving Fund loan for water projects including a new well, water lines and pumping equipment; and a $5.2 million installment financing contract for new public utilities facilities including equipment and material storage, maintenance buildings, office space, parking and access areas in Hampstead.
• Brunswick County, $8.5 million State Revolving Fund loan for wastewater collection system work in Southport. Seven sanitary sewer overflows have occurred in the past five years, and the upgrades should alleviate the problem.
• Marshville (Union County), $8.3 million installment financing contract and grant anticipation notes to improve the town wastewater system. Two new pump stations will be built and an existing pump station will be upgraded.
• Washington (Beaufort County), $3.6 million State Revolving Fund loan for sewer system upgrades including replacement of deteriorating cast iron and asbestos mains that are deteriorating and rupturing.
• Troutman (Iredell County), $2.1 million installment financing contract to install lighting in ESC Park.
• Mebane (Alamance and Orange counties), $700,000 installment financing contract to purchase property at 202 South Fifth St. to serve as headquarters for the inspections department.
  

In other action, LGC members approved resolutions to approve grants from the state Viable Utility Reserve that have received necessary approval from the State Water Infrastructure Authority. They are:

Asset inventory and assessment grants, $980,000 total - Belmont (Gaston County); Benson (Johnston County); Goldsboro (Wayne County).

Merger/Regionalization feasibility study grants, $700,000 total - Beaufort County; Greenevers (Columbus County); Princeton (Johnston County).

Drinking water grants, $4 million total - Aurora (Beaufort County); Cerro Gordo (Columbus County); Gibson (Scotland County); McAdenville (Gaston County); Newport (Carteret County); Pink Hill (Lenoir County); Princeton.

Wastewater grants, $52.8 million total - Aurora; Bladenboro (Bladen County); Boardman (Columbus County); Farmville (Pitt County); Grifton (Pitt County); Hookerton (Greene County); Hot Springs (Madison County); Jamesville (Martin County); Norwood (Stanly County); Pilot Mountain (Surry County); Princeton; Ramseur (Randolph County); Robbins (Moore County); Walstonburg (Greene County); Waynesville (Haywood County); Wilkesboro (Wilkes County).

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