The Jacksonville City Council on Tuesday approved $775 million in public funds for renovations to the Jaguars’ EverBank stadium in a deal that comes with a 30-year lease for the team.
According to local reports, the city will pay for more than half of the $1.4 billion project that is scheduled to be completed in time for the 2028 NFL season. According to the Jacksonville Daily Record, the deal amounts to the largest single capital project in Jacksonville history.
The team will be responsible for the remaining $625 million in estimated costs and will pay the city a base rent of $1 million per year. By Forbes, Jaguars Owner Shad Khan has an estimated net worth of $12 billion.
The City Council approved the agreement 14 votes to 1. Council member Mike Gay cast the only “no” vote in stating that there is “very wrong” with the agreementreports the Florida Times-Union.
Another deal to publicly finance an NFL stadium
The deal is the second in two days of NFL cities dedicating public funds to stadium improvements. The Charlotte City Council voted 7-3 on Monday to approve $650 million in public funds for an $800 million upgrade to Bank of America Stadium. The Carolina Panthers will be responsible for the remaining $150 million.
Panthers owner David Tepper also pledged $421 million to cover any potential overruns for the project. Forbes Estimates Tepper net worth at $20.6 billion.
The Jaguars and Panthers joined the NFL in 1995 and are playing at old venues. Both teams and their host cities have opted for extensive upgrades to their current stadiums rather than building new ones.
What’s Included in Jacksonville Stadium Upgrades
Renderings of planned improvements to the “Stadium of the Future” project include a transparent roof and an open-air design that allows ventilation.
The redesign will include updates to the exterior, concourse and stadium. According to the Daily Record, seating capacity will be reduced from 67,814 to 62,000, with the possibility of expanding to 71,500 for high-demand events. The field will be made of artificial grass.
Construction is scheduled to begin in 2025, with the bulk of the work expected in 2027. Capacity is scheduled to be reduced to 43,500 during construction for the 2026 season. The plan calls for the Jaguars to relocate for the 2027 season before returning to Jacksonville with the project completed in 2028. The Daily Record reports the Jagaurs will play in Gainesville or Orlando in 2027.
Mayor and owner praise stadium agreement
Jacksonville Mayor Donna Deegan helped spearhead the agreement and praised the Council’s decision in a statement:
“This day has been a long time coming. I am truly grateful for the partnership with the Jaguars throughout the negotiation process and the City Council for approving this historic agreement. Together, we are turning representations into reality for the betterment of Jacksonville.”
Khan released a corresponding statement invoking Jaguars founding owner Wayne Weaver and his wife Delores:
“Delores and Wayne Weaver’s belief and determination to make the Jacksonville Jaguars a reality more than 30 years ago was reaffirmed today by the leadership of Mayor Donna Deegan, her team and the Jacksonville City Council. The message then, and now, it should be clear. Never doubt Jacksonville!”
