JACKSONVILLE, Fla. – The city of Jacksonville could get all of its money back from the “Stadium of the Future” investment if the Jaguars choose to move within 14 years of stadium renovations, according to the latest draft of the proposed deal between the team and the city.
The deal includes a 30-year lease so the city could seek damages if the team breaks that lease and leaves before the halfway point. That repayment would be reduced each year past the 15-year mark.
News4JAX news partner the Jacksonville Daily Record reported that the agreement also allows the city to go after the Jags for the cost of demolishing the stadium should the team relocate.
The overall cost split between the city and the Jaguars hasn’t changed -- each would contribute $625 million toward construction. The city would also put up an additional $150 million for maintenance, renovation prep and to make the stadium usable by the team during construction.
Previous documents made public on the “Stadium of the Future” deal spell out how the city could spend that $775 million. The City Council still has to approve the deal, and outgoing Council President Ron Salem says the goal is to vote by June 25.
DOCUMENTS: Jacksonville Stadium Development Agreement | MORE: City Council president: ‘I was pleasantly surprised’ by Jags stadium renovation deal but financing questions remain
Mike Weinstein, the city’s chief negotiator, said he doesn’t expect a lot of pushback from the city council.
“Basically, it reflects what we’ve been talking about. It just takes a long time to get it to where you think of everything that could possibly happen over the 30 years, and try to resolve it in the document rather than having it resolved at the time. And that’s what lawyers are doing,” Weinstein said.
The most controversial part of the agreement is the community benefits agreement that calls for the city to spend $150 million outside the stadium on parks and the Eastside neighborhoods and calls for the Jaguars to give an equal amount over the same years of the lease.
Council member Rory Diamond has stated that he plans to vote against that portion.
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Another community huddle where the public can give input on the deal is scheduled for 6 p.m. Wednesday at Sandalwood High School.
The final huddle is at 6 p.m. Thursday at Westside High.