This transaction authorizes a ground lease and purchase options for two tracts at 501 E. Trade Street to Charlotte PEC, LLC. Tract 2 (1.907 acres) will be leased for 99 years for the development of the Hornets practice facility, with provisions for additional facilities. Charlotte PEC, LLC will also have an option to purchase Tract 1 (1.312 acres) for future development, contingent upon meeting city review and approval requirements. The city will contribute $15 million toward the practice facility, with additional funding planned through Certificates of Participation. The city retains certain rights for parking and use of facilities.
This decision supports the development of essential infrastructure for the Hornets and enhances Charlotte’s tourism and economic landscape through investment in the city’s sports facilities.