The Carolina Panthers and Charlotte proposed a partnership deal that would include an $800 million renovation to Bank of America Stadium and keep the team in the city for two decades, according to a team announcement Monday afternoon.

According to The Associated Press, the renovations would include a fixed $650 million investment from the city and another $150 million from Panthers owner David Tepper.

Tepper has already invested more than $117 million in the stadium before June and would also pay another $421 million in potential overages for capital improvements over the term of the deal, the team said Monday in a news release. 

"Bank of America Stadium has been a special place for our Panthers, and now Charlotte FC, fans for nearly 30 years," said Kristi Coleman, Carolina Panthers team president. "While Bank of America Stadium has solid infrastructure, investments are needed to ensure that our decades-old venue continues to deliver the best experience for our players, fans, and community."

Bank of America Stadium opened in 1996. Some of the proposed renovations include: 

• Brand-new seats installed throughout the bowl.
  
• Improved accessibility throughout the facility, designed and constructed in a way that allows individuals with a range of disabilities to have access without barriers.
• Stadium safety and security enhancements, including illuminated wayfinding and 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 throughout the stadium for better sustainability, accessibility and speed of service.
• Enhancements to the stadium exterior to reaffirm its place as an iconic, beloved fixture of the Charlotte skyline.
• A reduction of our impact on the environment and demand on city infrastructure through the modernization of the building systems, including mechanical, plumbing, electrical and HVAC.

"Our goal is to build a collaborative partnership so that this community asset can continue to generate unique and memorable experiences for fans, as well as economic impact for the city and region for years to come," said Coleman.

The stadium also serves as home for Major League Soccer’s Charlotte FC and regularly plays host to college football games and concerts.

Charlotte city council is expected to meet over the next several weeks to discuss the partnership. 

“Bank of America Stadium provides our Club one of the best home pitch advantages in Major League Soccer,” Charlotte FC president Joe LaBue said. “It also serves as a pillar of our community that supports our mission to be a unifying force in the city.”

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