JACKSONVILLE, Fla. – Mayor Donna Deegan, Jacksonville Jaguars President Mark Lamping and lead negotiator Mike Weinstein presented the details at Tuesday’s city council meeting behind the deal intended to upgrade the EverBank Stadium with a $1.4 billion makeover.
The agreement between the city and the Jags is a 50-50 split with each side paying $625 million. The city agreed to pay $150 million for deferred and ongoing capital and maintenance.
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The $625 million from the city will be included in the budget over the next four years and won’t include a tax increase.
The stadium of the future is expected to have a $26 billion impact on Jacksonville’s economy throughout the 30-year lease.
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“Direct impacts we’re told include retail lodging, transportation, 12 point 4 billion in direct spending. indirect impacts include supply chain effects and business to business goods and services purchased and total impacts would include sales, jobs and taxes,” Deegan said.
Lamping explained that city leaders will find ways to have the stadium in use outside of primetime football season.
“Number one, you have to have a type of facility, I think we also have to give those promoters and the touring companies that have bought those tours the confidence that people will show up for those concerts and pay the prices that they’re paying in other markets.,” Lamping said. “think we’re going to be in a great position to attract other events you asked about. This will be a Super Bowl-ready facility, we’re just not a super bowl ready town yet.”
Council President Ron Salem said it’s going to take time for the council to decide on the deal.
“I would love to finish this during my term as president, but most importantly, we need to make sure the council is comfortable with all the provisions in the agreement and get all their questions answered. And hopefully, we can accomplish both by meeting two to three days a week, for three or four weeks,” Salem said.
The next step is for the city council to approve the deal, which could happen in June. Then, the NFL owners have to approve it to move forward; that’s expected to happen in October.
If that happens, construction will begin in February 2025.