Jaguars and the city of Jacksonville agree to spend $1.4 billion on the “Stadium of the Future”

JACKSONVILLE, Fla. – The Jaguars and the city of Jacksonville have agreed to create a $1.4 billion “Stadium of the Future” that will keep the franchise in one of the NFL’s smallest markets for another 30 years.

The proposal calls for each side to contribute $625 million to the $1.25 billion project. Jacksonville, which will not levy any new taxes to pay for the rebuilding, will pay another $150 million to prepare EverBank Stadium for construction in 2026.

The plan was presented at Tuesday’s City Council meeting. Council members are expected to vote on it in late June, with a simple majority of the 19 members required for approval. It will then advance to the NFL owners meeting in October, where 24 of 32 votes will be needed for final approval.

Construction will begin after the 2025 season. The Jaguars will play in front of reduced capacity in 2026 and host home games in either Gainesville or Orlando the following year. The Daytona Beach International Speedway was under consideration but has since been cancelled.

The proposal includes a 30-year lease as well as agreements addressing the future of the franchise in London and a no-transfer clause. Under the new lease, the Jaguars will play all preseason and postseason games in Jacksonville and will continue to play one home game per year in London, most likely at Wembley Stadium.

Both sides expect the renovated stadium to lead to more high-profile events such as soccer matches and US concerts.

Jaguars owner Shad Khan has agreed to assume all construction cost overruns, assume day-to-day operations of the stadium, and bear the majority of game-day expenses going forward.

Team president Mark Lamping said the 63,000-seat open-air stadium includes a transparent cover that is equivalent to “wearing shades in the sun.” Outside temperatures are expected to drop by 15 degrees.

The stadium plan also includes a 140% increase in concourse space, 190 new points of sale, 16 new escalators, 12 new elevators, and 12 new restrooms.

Capacity can be expanded to 71,500 to accommodate the annual Florida-Georgia rivalry, the Gator Bowl, the College Football Playoff or the Final Four. The pools and party deck will remain in the north end zone.

The city and the Jaguars still hope to add significant development to the surrounding area, which is expected to include a University of Florida campus that will attract 10,000 graduate students. Mayor Donna Deegan described the surrounding area as crucial to the development of the downtown area.

Jaguar’s lease runs until 2029.

The city wants to fund its share by moving $600 million from the capital improvement plan and using revenue from the current half-penny sales tax to fund construction in the pay-as-you-go campaign. The city says it will save $1.5 billion in debt service fees over the life of the lease.

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