(The Center Square) – Approval for a $310 million project at the Lenovo Center is expected Tuesday from a state authority with oversight responsibility on debut issued by public authorities in North Carolina.
The Raleigh arena, home of the Stanley Cup finalist Carolina Hurricanes, is managed by the Centennial Authority. It seeks approval from the Local Government Commission of $200 million in bond anticipation notes to continue expansion and improvement projects, and $110 million in revenue bonds to provide permanent financing paying off the first phase of construction.
The commission, chaired by first-term Republican state Treasurer Brad Briner, has oversight for taxpayer money in more than 1,100 local government units. The panel analyzes 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.
“Lenovo Center hosts hundreds of events every year, from N.C. State men’s basketball to Hurricanes hockey to world-class touring acts and family shows,“ said Chairman Philip Isley of the Centennial Authority. “These enhancements will help us continue to bring top entertainment and events to Raleigh.”
The Hurricanes trail the Vegas Golden Knights 2-1 entering Tuesday’s Game 4 in Las Vegas. Game 5 is in Raleigh on Thursday. If necessary, a Game 7 would be in Raleigh next week on Wednesday.
The arena, opened in 1999, plans a closure in July and August for eight weeks and the event listings after the hockey playoffs are without a ticketed event until Oct. 4. N.C. State men’s basketball also calls Lenovo its home arena; the NCAA’s first playing date is Nov. 10 and the Wolfpack is usually home once if not twice in the opening week.
The next phase of enhancements will include expanded facades and grand lobby areas for new primary entries on the East and West sides; a beer hall and restaurant with access open 365 days a year; a new team store three times the size of its cramped space on the main level; and an overhaul of the PNC Club Level Arena Club. Bathroom renovations are also planned.
“When this project is complete, Lenovo Center is going to look and feel like an entirely different building, inside and out,” said Brian Fork, CEO of Hurricanes Holdings. “Every person who comes to this building is going to have a first-class experience to match the top venues in the NHL.”
Also on Tuesday’s agenda of the commission is an update on the city of Rocky Mount’s financial outlook; an update on last July’s resolution enabling local governments to refund debt more quickly under certain conditions; and 19 other requests of significance such as Greensboro’s $220 million in revenue bonds for water and wastewater infrastructure.
The meeting gavels in at 1:30 p.m.
