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Hurricanes lease, PNC Arena improvements could get approval next week
Raleigh, N.C. — Raleigh’s PNC Arena could be just days away from securing a long-term commitment from the Carolina Hurricanes and funds needed for a long-discussed renovation project.
The board of the Centennial Authority scheduled a special meeting for Tuesday where it is expected to get an update on lease negotiations and vote on two term sheets — believed to be the lease and a development agreement for area around PNC Arena.
On Friday, there is a “hospitality tax stakeholders” meeting in Raleigh where leaders from the city and county are expected to recommend budget figures for PNC Arena and other facilities in area. A tax collected on hotel stays and prepared food and beverage in Raleigh and Wake County provide funding for PNC Arena and other hospitality spots, such as the Convention Center.
“It feels like we’ve got some good momentum,” Hurricanes’ owner Tom Dundon said on 99.9 The Fan’s “The Adam Gold Show” on June 14. “Now everybody who gets a say has to say yes or no. I can’t perfectly know what other people are going to do. We’re definitely engaged and eager to get something done, but it’s not without it’s challenges.”
Those are just recommendations and must be approved by the Raleigh city council and Wake County commissioners. The city council meets Tuesday at 1 p.m. for a regular session. Wake County’s commissioners meet Aug. 21.
The three prongs — a long-term lease, a massive renovation to the 25-year-old arena and the rights to develop the area around PNC — have long been tied together. Dundon said in June all those conversations were “concurrent.”
“It’s all very much connected,” board chairman Philip Isley said after a meeting in early June. “I couldn’t say if one could survive without the other. They’re all necessary.”
The 21-member Centennial Authority, which owns PNC Arena, has gone over several iterations of plans to upgrade and enhance the building, which is home to NC State’s men’s basketball team as well.
The Hurricanes’ current lease expires in 2029.
“This is a large public body,” Isley said at the June meeting. “It’s doing its level best to work through all these quickly, but also intentionally and thoughtfully.”