JACKSONVILLE, Fla. – The Stadium of the Future is one step closer to becoming a new reality in downtown Jacksonville.
The proposed deal, which is one the most expensive investments in the city, lands at a 50-50 cost split between the city and the Jaguars for the $1.25 billion project, according to Jacksonville Mayor Donna Deegan.
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The city’s $625 million portion of the cost will be factored into the annual budget across the next four years and won’t include a tax increase for residents.
Almost all the money will come from extending the Better Jacksonville Plan — a half-cent sales tax approved in 2000 — until 2030 and using those funds to help support the renovation.
The city also included to pay $150 million if a new deal is signed for maintenance and upkeep needed, bringing Jacksonville’s total investment to $775 million. It should be noted that this maintenance cost was included in the previous lease agreement. The $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.
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.
PLANS REVEALED: City, Jaguars agree to split $1.25 billion cost on ‘Stadium of the Future,’ invest more in downtown Jacksonville
The deal also leaves the Jaguars responsible for cost overruns outside the $1.25 billion budget.
The presentation to city council was the first step toward a finalized deal. The next step is for the council to approve the plan, and then the vote will move to the NFL owners to agree. A new stadium deal requires 75% of NFL owners to approve.
The city and the Jaguars are also hosting five community meetings across Jacksonville to hear from residents about the proposed deal to renovate EverBank Stadium.
We want to hear from you. How do you feel about the projected deal?