The plan would also allow Hurricanes owner Tom Dundon to build an entertainment district around the arena.
There will be a special board meeting on June 25 to discuss approval for the plan.
Construction is expected to begin next summer.
Back in March, the owners of PNC Arena chose a design firm to move forward with as part of a $300 million renovation project.
The board wants to add at least 100,000 square feet, a dedicated tailgate zone, more club areas and new food and drink options.