JACKSONVILLE, Fla. – The Jaguars and the City of Jacksonville took the wraps off the most expensive investment in Jacksonville history on Tuesday, a 50-50 cost split on the $1.25 billion “Stadium of the Future” project that won’t include new taxes and will keep the team in town for the next generation, according to News 6 partner WJXT.
Team president Mark Lamping, Jacksonville Mayor Donna Deegan and Mike Weinstein, the city’s lead negotiator, made the presentation at Tuesday’s City Council meeting. They laid out numbers, a timeline, what taxpayers will be on the hook for and the two stadiums where the Jaguars could play during that renovation season, which would come in 2027.
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The city’s $625 million portion will be factored into the annual budget across the next four years and won’t include a tax increase for residents. The city also agreed to pay $150 million if a new deal is signed for maintenance and upkeep needed, bringing Jacksonville’s total investment $775 million. That latter $150 million is notable because it tilts the actual percentages to the side of the city and how it’s presented at the NFL owner’s meetings.
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In the proposal that could be given to the NFL, it would be framed as a 55-45 split, with the city taking on the 55% portion. League owners are unlikely to approve a 50-50 split. Upon an approved deal, the city would immediately invest $150 million (making Jacksonville’s investment $775 million) into immediate maintenance and upkeep and needs of the stadium and costs that would go into getting the stadium ready for those renovations. A new stadium deal requires 75% of NFL owners to approve.
The Jaguars would be responsible for cost overruns outside of the $1.25 billion, a significant concession considering the current overages in the Buffalo Bills stadium construction.
Almost all of that money will come from stretching the Better Jacksonville Plan out until 2030 and using those funds to help fund the renovation. The Better Jacksonville Plan was a half-cent sales tax approved by voters in 2000, a $2.25 billion program set to improve things like roads, infrastructure, development and public facilities. At the earliest, the council is expected to vote on the stadium deal on June 25, though there was already pushback from at least one council member.
Negotiations between Mayor Deegan’s office, outside consultants and the Jaguars have been ongoing since last August. City Council president Ron Salem said last Wednesday that a deal had been reached, and that he looked forward to it being presented to the full council. Any deal between the Jaguars and the city-owned EverBank Stadium needs to be approved by the Jacksonville City Council. Those debates and discussions will take place over the coming months.
Flex Field, the area around the stadium and gameday expenses
The Flex Field, which is adjacent to Daily’s Place and served as the team’s indoor practice facility will become an exhibit-type hall. The city plans to lay down a floor in that area and it could serve as a venue to host basketball games.
Deegan’s big ask was for reinforcements in and around the downtown area of the stadium. The city and the Jaguars agreed to $150 million each in a community aspect element. That touches areas like workforce development, community housing and Jacksonville’s Eastside, commonly referred to as “Out East.” The Jaguars’ commitment would largely center around the Out East area. Separately, the Jaguars plan to invest $100 million in a development next to the Four Seasons hotel. The Four Seasons is under construction as part of The Shipyards project.
Under a new lease, the Jaguars, and not the city, would pick up 80% of the gameday operating expenses, something that is largely shouldered by the city in the current lease. The city also hoped that turning a venue like Flex Field into an exhibit hall would generate more revenue.
Where would they play?
The Jaguars would play at EverBank Stadium at a reduced capacity in 2025 (60,000) and 2026 (43,500).
The Jaguars said that the team would play at Orlando’s Camping World Stadium or the University of Florida for one year during the renovations in 2027.
Daytona International Speedway had been an out-of-the-box thought, but Lamping said the team had opted for either Gainesville or Orlando as a temporary home. If the Jaguars choose to play at Florida, The Swamp would need new visitors’ locker rooms to get brought up to NFL standards. Camping World is undergoing a $400 million renovation. The Swamp is also going to undergo a makeover. The school announced last year that it would undergo a “multigeneration solution” that could cost at least $400 million. Lamping said money for the Gators locker room upgrades hadn’t been discussed.
The NFL has a program called the G-5, a stadium financing arm where teams can borrow up to $300 million from the league, but Lamping indicated that teams don’t have to use that option.