Tuesday's vote was the second of three needed to bring this much larger plan to fruition. The next involves Wake County Commissioners and is scheduled to happen Monday, August, 21.
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Staff from Wake County and the City of Raleigh are recommending to use $355 million to expand the Raleigh Convention Center. Red Hat Amphitheater would have to be relocated for the expansion and $32.5 million might be given to move the entertainment venue.
"Just from the convention standpoint, having the expansion -- the convention hotel that we've been desperately asking for for years -- that's all now going to be able to move forward. The arena puts us in a whole other position," President and CEO for the Greater Raleigh Convention and Visitors Bureau Denny Edwards said.
PNC Arena is also slated to get more than $21 million annually for 25 years to make major improvements.
The governing board voted on an agreement that would extend the Canes lease an additional 20 years and move forward with renovations.
The work could start as early as next summer. The expansion is expected to develop at least a 100,000 additional square feet of retail and dining space.
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"Today's obviously a pretty incredible day in the history of this building," said Centennial Authority Chair Philip Isley.
"Our number one goal is for the fan experience, not just for fans of Canes, but NC State and every other events that come in here," said Canes General Manager Don Waddell.
There is also an affordable housing component to help those living and working by PNC.
"The best efforts at having 80 percent adjusted median income, which for a family of 4 in Wake County today is about $91,000. So this is truly designed for teachers, firefighters, police officers," said Isley.