Source: Bruce Bennett / Getty
One of our favorite local sports/entertainment venues could be getting a massive makeover!
Raleigh’s PNC Arena is set for a $300 million renovation, as reported by WRAL Sports Fan. To prepare, PNC Arena would receive more than $21 million a year from Wake County hospitality taxes, starting in 2025. Funding would last for 25 years.
The recommendations, made by a stakeholder committee on Friday (Aug. 11), are pending approval from Raleigh City Council and Wake Co. Board of Commissioners.
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The promise of dedicated funds would allow PNC Arena’s owners, the Centennial Authority, to borrow up around the $300 million – and maybe more – for the project. The project “assumes a long term lease, development around the arena and affordable housing,” as discussed this morning.
“We’re pleased that the recommendations will allow us to move forward with the plans that we’ve been contemplating for many months,” Centennial Authority board chairman Philip Isley told WRAL after the closed meeting. “We believe this is the first step to provide a continued benefits for the community, NC State and the public at large.”
Read more about the recommendations HERE.
