In 2001, a non-binding public referendum for an arts package, which included money to build the new uptown arena, was placed on the ballot for voters; it was placed in order to demonstrate what was believed to be widespread public support for new arena construction. Polls showed the referendum on its way to passage until then-mayor Pat McCrory vetoed a living wage ordinance just days before the referendum. As a result, Helping Empower Local People, a grass-roots organization supporting a living wage, launched a campaign to oppose the arena, arguing that it was immoral for the city to build a new arena when city workers didn't earn enough to make a living. The referendum failed with 43% for building the arena and 57% opposed.

City leaders then devised a way to build a new arena that did not require voter support, but let it be known that they wouldn't consider building it unless then-Hornets' owner George Shinn sold the team. While even the NBA acknowledged that Shinn had alienated fans, NBA officials felt such a statement would anger other team owners. As it turned out, the NBA approved the Hornets' application to move to New Orleans. However, the league promised that the city would get a new team—which became the Bobcats—as part of the deal. The total cost of the arena to Charlotte and Mecklenburg County was not known, but estimated at around $260 million. The construction was approved by the city council, which did not opt to present another referendum to the public.

The arena opened as the Time Warner Cable Arena on October 21, 2005, costing $265 million. Architects hoped the building would bring the city together, as its location and large outdoor plaza, among other features, would suggest. The building's concourses and open design, plus artwork throughout also suggests the concept of community and socializing. One major feature of the arena was its original center-hung scoreboard, which was not only the largest scoreboard in any NBA arena when it debuted, but also featured a one-of-a-kind light-up 360 degree 3D mural of the Charlotte skyline. In early 2006, the arena became the subject of controversy when the Bobcats charged a $15,000 fee to Charlotte-Mecklenburg Schools for graduation ceremonies held at the building. The fee was eventually waived following media attention from a local newspaper. Many high schools in the area moved graduations to Bojangles' Coliseum

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