The Jacksonville City Council on Tuesday approved $775 million in public funds for stadium renovations at the Jaguars’ EverBank Stadium, in a deal that comes with a 30-year lease for the team.
According to local reports, the city will pay for more than half of the $1.4 billion project that is expected to be completed in time for the 2028 NFL season. According to the Jacksonville Daily Record, the deal amounts to the largest single capital project in Jacksonville history.
The team will be responsible for the remaining $625 million in estimated costs and will pay the city a base rent of $1 million per year. According to Forbes, Jaguars owner Shad Khan has an estimated net worth of $12 billion.
The City Council approved the deal by a 14-1 vote. Councilman Mike Gay cast the lone “no” vote, saying there was “a lot wrong” with the deal, the Florida Times-Union reported.
Another deal for public financing of an NFL stadium
The deal is the second in two days of NFL cities spending public funds on stadium upgrades. The Charlotte City Council voted 7-3 on Monday to approve $650 million in public funds for an $800 million upgrade at Bank of America Stadium. The Carolina Panthers will be responsible for the remaining $150 million.
Panthers owner David Tepper also pledged $421 million to cover any surpluses for the project. Forbes estimates Tepper’s net worth at $20.6 billion.
The Jaguars and Panthers each joined the NFL in 1995 and play in outdated venues. Both teams and their host cities opted for extensive upgrades to their current stadiums rather than building new ones.
What’s Included in Jacksonville’s Stadium Upgrades?
Renderings of the planned upgrades for the project dubbed “Stadium of the Future” include a transparent roof and an open-air design that allows for ventilation.
The redesign includes upgrades to the exterior, concourse and stadium bowl. According to the Daily Record, the capacity will be reduced from 67,814 to 62,000, with the ability to expand to 71,500 for high-demand events. The pitch will be artificial.
Construction is scheduled to begin in 2025, with the bulk of the work scheduled for 2027. Capacity will be reduced to 43,500 during construction for the 2026 season. The plan calls for the Jaguars to relocate for the 2027 season before returning to Jacksonville and completing the project in 2028. The Daily Record reports that the Jaguars will play in either Gainesville or Orlando in 2027.
Mayor and owner praise stadium deal
Jacksonville Mayor Donna Deegan helped lead the deal and praised the Council’s decision in a statement:
“This day has been a long time coming. I am truly grateful for the partnership with the Jaguars during the negotiation process, and the City Council for passing this historic deal. Together we make results a reality for the betterment of Jacksonville. “
Khan released an accompanying statement quoting Jaguars founder Wayne Weaver and his wife Delores:
“The faith and determination of Delores and Wayne Weaver to make the Jacksonville Jaguars a reality more than thirty years ago was reaffirmed today by the leadership of Mayor Donna Deegan, her team and the Jacksonville City Council. The message must be then and now: clear. Never doubt Jacksonville!”
