City of Jacksonville public records or major local news outlets

Jacksonville Jaguars and City Agree to $1.4 Billion Stadium Renovation with 30-Year Non-Relocation Agreement

May 14, 2024, 10:33 PM

The Jacksonville Jaguars and the city of Jacksonville have agreed to a $1.4 billion stadium renovation deal. The costs will be split 50/50 between the team and the city, with no new taxes being introduced for the project. The deal, which is the most expensive investment in the city's history, aims to keep the franchise in Jacksonville for the next 30 years. Mayor Donna Deegan emphasized the importance of the deal for the city's future and expressed a desire to finalize the agreement quickly. The stadium renovations are set to begin in 2025, with the team playing at home in 2025 and 2026, albeit with reduced capacity in 2026. In 2027, the Jaguars will play their NFL season away from Jacksonville. The project also includes $150 million in deferred capital for stadium maintenance, which will be the responsibility of the city. The proposed stadium will be a Super Bowl-ready facility, although the city currently lacks the necessary upscale hotels to host such an event. The deal is pending approval by NFL owners at their October 15-16 meetings, after which the city hopes to quickly reach an agreement on developing an entertainment district around EverBank Stadium. The financial burden is cleverly presented as 50-50 to taxpayers but 55-45 to NFL owners. The deal includes a non-relocation agreement.