In a bold move that underscores the city's commitment to its NFL franchise, the Jacksonville Jaguars and the city of Jacksonville have agreed to a $1.4 billion investment to create a "stadium of the future." This ambitious project is set to secure the franchise's presence in the NFL's smallest market for another 30 years.
The proposal, presented at a city council meeting, calls for an equal contribution of $625 million from both the city and the Jaguars towards the $1.25 billion project. Jacksonville, which has pledged not to impose any new taxes for the project, will also contribute an additional $150 million to prepare EverBank Stadium for construction in 2026.
"We wouldn't be proposing it or pushing it if we didn't have a certain level of confidence that this deal would be approved," said Jaguars team president Mark Lamping. The proposal is expected to be voted on in late June, requiring a simple majority of the 19 council members to pass. It would then advance to the NFL owners meeting in October, where 24 of 32 votes would be needed for final approval.
The stadium, with a capacity of 63,000, will feature a translucent covering that is expected to lower outside temperatures by 15 degrees. The design also includes 140% more concourse space, 190 new points of sale, 16 new escaladers, 12 new elevators, and 12 new restrooms. The capacity could be expanded to 71,500 to accommodate high-profile events such as the annual Florida-Georgia rivalry, the Gator Bowl, a College Football Playoff game, or the Final Four.
The proposal also includes a 30-year lease and agreements that address the franchise’s future in London and a non-relocation clause. Under the new lease, the Jaguars would play all preseason and postseason games in Jacksonville and would continue to play one home game a year in London, likely at Wembley Stadium.
Jacksonville Mayor Donna Deegan emphasized the importance of the project to the city, stating, "It means a lot to this community. It’s a rallying point for Jacksonville. And while nobody wants to spend a lot of money, the truth is this was a binary choice: We could build this stadium or we could lose our team. And that’s not going to happen on my watch."
The city and the Jaguars are also planning to add substantial development to the surrounding area, which is expected to include a University of Florida satellite campus that would bring in 10,000 graduate students. Deegan called the surrounding area critical to the development of the downtown area.
The city plans to finance its portion by moving $600 million from a capital improvement plan and using revenue from an existing, half-penny sales tax to fund the build in a pay-as-you-go campaign. The city says it would save $1.5 billion in debt-services fees over the life of the lease.
The Jaguars, who have been in the bottom quartile of the league in revenue for decades, have played annually in London since 2013 to help boost their bottom line. The team’s lease runs through 2029, leaving little room for prolonged negotiations and/or do-overs.
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