(The Center Square) – With a work schedule absent ticketed events already carved out, any hiccups on the way to $310 million in upgrades for the home of the NHL Carolina Hurricanes would have been most unfortunate.
Tuesday’s approval for the Centennial Authority, the manager of the arena, from the Local Government Commission checked off another box.
The Local Government Commission approved $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.
For context, the building built between July 22, 1997, and its opening in October 1999 cost $158 million.
The arena plans a closure in July and August for eight weeks and the event listings after the hockey playoffs – Carolina is again in the Stanley Cup finals – are without a ticketed event until Oct. 4.
The meeting also included a monthly update from the city of Rocky Mount on its troubled financial journey; and a discussion with leaders from Cabarrus County and ultimately approval of $200 million in limited obligation bonds to be used toward a new high school and elementary school.
Twenty other approvals were also granted.
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.
The Lenovo Center is home to the Hurricanes, the 2006 Stanley Cup champions, and the N.C. State men’s basketball team. The Hurricanes have sold out a franchise-record 164 consecutive home games – usually crowds of 18,300 – dating to February 2023. Basketball capacity is higher, and the Wolfpack drew more than 19,000 this past year for Kansas in December, Carolina in February and Duke in March.
With major concerts and family shows, more than 150 events annually bring about 1.5 million ticketed customers to the arena built next to the Wolfpack’s football home of Carter-Finley Stadium.
Barring major delays, N.C. State should be fine for its opener. 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.
