What would be the statement of business need & objectives be and the definition of the problem or opportunity be for this project that should be included in the project charter?

Project Info:

The ARCO Construction Company has been recruited to contrast a new and larger Allen Fieldhouse to accommodate more fans. The arena currently holds 16,300 fans, but we would like to build a new arena that will seat 21,000 fans due to increased popularity of the University of Kansas basketball team. The budget is $9,000,000 and the project should be completed over the span of 3 years. We would like to begin the project June 2nd, 2023 and finished by June 18th, 2026.