Our newsgathering partners at the News & Observer report the Raleigh venue has tentatively been allocated that money.
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"What we're trying to do with this enhancement project is trying to make the building fresher, figure out ways to get bigger and better shows, "Centennial Authority chairman Philip Isley said.
Isley said the success of the NHL Stadium Series event earlier this year showed how big events can really move the needle for the local economy. That event alone generated more than $20 million of revenue.
"We're hoping we can get another one. We're hoping we can get an All-Star game. We''re hoping there will be more incredible activation of not only the arena, and you saw with the Stadium Series game, how incredible Carter-Finley can be also," Isley said.
Wake County Commission Chair Shinica Thomas said it's vitally important to keep event spaces like PNC Arena updated in order to compete with other cities for tourism dollars.
"I absolutely think it's necessary to continue to compete economically in this region, but definitely in the nation," Thomas said.
The money is contingent on several meetings and votes, as well as on a long-term facility lease with the Carolina Hurricanes and plans to develop vacant land surrounding PNC Arena.
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Canes owner Tom Dundon is expected to submit plans for both of those items during a special meeting Tuesday.
While Dundon and the Canes play a huge role in the future of PNC Arena, Isley said the renovations are about more than just any one team.
"PNC Arena is a community asset. It's not just for basketball. It's not just hockey. It's not just for the Hurricanes or NC State," Isley said. "It's for the Lizzo concert. It's for the monster truck rally. It's for Disney on Ice. We have a ton of activity out there."
The funding proposal must also be approved by Wake County Commission. That group is expected to vote on the proposal on Aug. 21.
What exactly the renovations and updates will look like remains a mystery as no new renderings have been created for the work.
Read more at NewsAndObserver.com.