RALEIGH, N.C. -- The Carolina Hurricanes have reached a five-year lease extension to remain in PNC Arena through July 2029.

Arena owner Centennial Authority and Hurricanes parent company Gale Force Sports and Entertainment announced the agreement Thursday. The current lease agreement runs through the end of June 2024.

The News and Observer of Raleigh reported that deal provisions include an agreement by the Hurricanes not to relocate during the current lease, as well as the elimination of rent payments following the 2020 fiscal year.

In a news conference, team president and general manager Don Waddell said the new deal comes after more than a year of discussions along with talks about facility upgrades and more development in the surrounding property.

"The authority believes that the Hurricanes are very important to the community, and that's why we worked really hard to try to keep them here," said Tom McCormick, Centennial Authority board chairman.

The Hurricanes have played in the arena since its 1999 opening and share it with the North Carolina State men's basketball team.

"This extension gives us the flexibility and time to make sure we make the best long-term decision for the Hurricanes and the Triangle -- whether that means a major renovation, development around this arena or a new arena," Hurricanes owner Tom Dundon said in a statement. "We have a great place to play, but there are things we need to address based on the age of the facility, the arena's amenities and the area around the building."