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BUSINESS & LEGAL NEWS IN BAKER, CLAY, DUVAL, NASSAU AND ST. JOHNS COUNTIES
THE $1.4 BILLION DEAL FOR ‘STADIUM OF THE FUTURE’
DEAL BREAKDOWN Mayor Donna Deegan and the Jacksonville Jaguars presented a deal May 14 to City Council to pay for renovating EverBank Stadium into the team’s “Stadium of the Future.” The highlights:
$1.4 billion Provided by the Jacksonville Jaguars
Fireworks explode over the renovated EverBank Stadium in this rendering. Along the St. Johns River is the Four Seasons Hotel and an office building that will be used by the Jacksonville Jaguars. The hotel-office complex is now under construction.
The plan to renovate EverBank Stadium, which will cost millions in tax money, moves to the Jacksonville City Council. BY RIC ANDERSON STAFF WRITER
T
he city of Jacksonville would provide $775 million in public funding to remake EverBank Stadium into the Jacksonville Jaguars’ “Stadium of the Future” and provide long-term maintenance for the facility under a proposed deal presented May 14 to the City Council. The framework of the deal, which Mayor Donna Deegan’s office has been
negotiating with the NFL team since August, includes a 50-50 split with the Jaguars for the estimated $1.25 billion cost of building the stadium. In addition, the city would provide $150 million for deferred maintenance and ongoing capital improvements. That will bring the total cost for the project to $1.4 billion. The split for the total cost is 55-45 with the city picking up the majority. The Jaguars will cover cost overruns. Plans call for a four-year construc-
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tion timeline with the stadium opening in 2028. “Jacksonville has the privilege of being an NFL town, and this deal will ensure residents can enjoy the benefits of that privilege for decades to come,” Deegan said. The Jaguars would play the 2025 season in Jacksonville with a 60,000-seat capacity and remain in the city in 2026 with a reduced capacity of 43,500. The
Total cost of the project
$775 million Cost to the city for the project. Any cost overruns would be paid by the Jaguars.
55%-45%
The funding split between the city and team. MORE DETAILS
A 30-year lease with penalties for the team leaving the city. Funded by adjusting the end of Better Jacksonville Plan sales tax. Team can play one home game a year in London.
SEE DEAL, PAGE 12
CITY GOVERNMENT
LEGAL SECTION
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Marcus Stroud, a defensive lineman for the Jaguars from 2001 through 2007, plans to open Baby Got Brunch Downtown at Residences at City Place condominiums. PAGE 6
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VOLUME 111, NO. 27 | SIX SECTIONS | PUBLISHED SINCE 1912