Posted: Jan 15, 2013 11:25 AM
Updated: Jan 16, 2013 10:56 AM

CHARLOTTE, N.C. (CBS Charlotte) — Charlotte City Council voted 7-2 on Monday evening to allocate city funds towards renovating Bank of America Stadium.

If approved by the N.C. General Assembly and Governor Pat McCrory, the renovations will cost the city $125 million.

The city plans to off-set the cost by raising the percentage of taxes on prepared food and beverages — by one percent.

If both the General Assembly and the governor give the proposal a thumbs-up, City Council members will cast a final vote before the renovations begin.

1/15/2013: In a closed session last night, Charlotte City Council members and representatives of the Carolina Panthers discussed possible renovations to Bank of America Stadium.

The Carolina Panthers are seeking $125 million from the city that would be allocated towards renovating the 17-year-old stadium.

Council members have proposed raising the amount Mecklenburg County taxes prepared food and beverages — by one penny.

The proposal would need to be presented to the N.C. General Assembly for final approval.

-Nichole Jaworski, CBS Charlotte