The deal includes renovations to the Spectrum Center, as well as a lease extension with the Charlotte Hornets NBA franchise through 2045. (Photo courtesy of Hornets Sports & Entertainment)

CHARLOTTE, NC — The Charlotte City Council has approved proposed $275 million in funding for the renovation of the Spectrum Center, the home arena for the NBA Charlotte Hornets franchise. City Council voted 10-1 to approve the plan, which includes a $60 million budget to build a new basketball practice facility that will be funded by new revenue generated from sponsorships and rights deals of denomination. Funding for the city’s role in the Spectrum Center’s $215 million renovations (about $173 million) will come from rental car and hotel taxes. The plan also extends the team’s lease until 2045, an additional 15 years from when its lease expires in 2030.

Located at 333 E. Trade St. in Uptown Charlotte, Spectrum Center opened in October 2005 and has a capacity of over 20,000. In addition to Hornets home games, the arena hosts concerts, collegiate athletic competitions, comedy shows, and other events. The City of Charlotte owns the arena and Hornets Sports & Entertainment operates it. Details on specific renovations or a construction schedule have not been made public.