- SA-raised artist mourns loss of California ranch due to wildfires
- Menendez brothers’ resentencing hearing pushed to March because of Los Angeles-area wildfires
- 'You could probably describe it as apocalyptic' | Central Texas firefighters help contain wildfires in Los Angeles
- NC expands hurricane recovery jobs program to more counties
- San Antonio-based H-E-B donates $1 million, sends supplies to victims of California wildfires
Hurricanes lease, development agreement expected to get final approval from PNC Arena owner
The Centennial Authority, owner of PNC Arena, is expected Thursday to give final approval to a 20-year lease with the Carolina Hurricanes and an agreement for the organization to develop land around the arena.
The 21-member Centennial Authority board called a special meeting for 10 a.m.
The board will spend part of the meeting in a closed session to consult with attorneys “to review matters pertaining to the location or expansion of businesses in the area.”
The Hurricanes and the Authority announced non-binding agreements on the lease extension and development plan in August. They were tied to another deal announced around the same time: $300 million in funding from the Raleigh and Wake County for a renovation of PNC Arena.
It’s taken nearly a year to get finalized contracts completed. The city and county gave final approval to the renovation funding plan in May.
“Papering this is always the hard part and making sure it’s right and making sure we thought through all these other issues from next year to 15 years from now,” Centennial Authority chairman Philip Isley said at a May meeting.
“We hope those will be done as soon as possible. This month, next month, we want it as early as we can get it.”
Earlier this month, Isley told the board that they could have “documentation to vote on” at a meeting in late June.
Potential enhancement projects for the arena could be made public in July or August. Renovations are set to begin in the summer of 2025 and the entire project may not be completed until 2027 or 2028.
Under the lease term sheet, the Hurricanes’ lease is extended by 20 years after the 2023-24 season, which ended with a playoff loss to the New York Rangers. After the 2038-39 season, the Hurricanes and the Authority will meet to discuss the future of the arena or a replacement arena.
The team can’t relocate from PNC Arena or terminate the lease, except after the 2038-39 season if the Authority doesn’t make agreed-upon improvements at that point.
The Hurricanes will make annual payments, beginning at $4.5 million, to the Centennial Authority starting in 2029. The Hurricanes will also invest $10 million to furnish certain areas of the arena after the renovation. The organization committed to develop a 3,000- to 5,000-seat music venue adjacent to PNC Arena at an estimated cost of $40 million.
Under the redevelopment term sheet, the franchise will get ground leases on property around the arena through 2096 with the opportunity to develop 20 acres at a time. The first phase must contain office space, retail, food and beverage options, and at least 200 multi-family residential rental units.
PNC Arena, which is also home to NC State’s men’s basketball team, opened in 1999. The Hurricanes have sold out 61 consecutive games at PNC Arena.
Carolina re-signed coach and franchise icon Rod Brind’Amour, but team president and general manager Don Wadell and chief marketing officer Mike Forman left the organization. The Hurricanes promoted Eric Tulsky to general manager. The team has several notable free agents this off-season.
The Centennial Authority board members are appointed by state lawmakers, Wake County, Raleigh and Wake County mayors. The chancellor of NC State is also a member.