Charlotte city leaders and the Carolina Panthers struck a deal to use tax dollars to renovate Bank of America stadium.

Mayor Anthony Foxx spelled out the arrangement. The city would give the Panthers $143.75 million by raising the food and beverage tax 1 percent. The Panthers would spend $96.25 million. The state would pitch in $62.5 million. 

The tax increase would raise the entire sales tax on a restaurant bill to 9.25 percent. On a $100 restaurant bill, that would be almost $10.

Eyewitness News asked if this could have negative consequences.

A server at a local bar is afraid it could mean fewer customers.

“With prices already high, the economy being the way it is, it's just going to affect people coming in,” said server Theresa Kinter.

State lawmakers will still have to approve any tax hike.

Experts said they don't think this added tax would keep businesses from moving to Charlotte but could keep consumers from dining out.

The proposal is stretched out over the next 15 years and guarantees the team stays here for at least the next 15 years. 

"There are cities in this country that have no team that are building stadiums today, and frankly, our team is more vulnerable than most because there's no tether to the city from a legal standpoint,” Foxx said.

That said, Panthers owner Jerry Richardson Richardson said he's not threatening to move the team if he doesn't get what he wants. 

"I never would want our team to move elsewhere,” he said. “I've said that and you know that."

But now, if he sells it, the next owner would be locked in to Charlotte. 

This is not a done deal. The state has to sign off on the tax hike and its share of the money.  Then the city would have to sign off on the tax hike and its share of the money. 

City leaders and Panthers owner Jerry Richardson met in private for roughly two hours Friday. 

When Richardson emerged from the closed-door meeting and agreed to talk publicly about it for the first time, it seemed likely both sides were close to a deal.  

"The process is continuing,” he said. “Gave a report about our trip to Raleigh and we're continuing to work."

To read more about the details of the proposal, click here.