Jacksonville City Council approves $775M in public funds to upgrade Jaguars stadium

The Jacksonville City Council on Tuesday approved $775 million in public funds for stadium renovations at the Jaguars’ EverBank Stadium in a deal that comes with a 30-year lease for the team.

Per local reports, the city will pay for more than half of the $1.4 billion project that’s scheduled to be completed in time for the 2028 NFL season. Per the Jacksonville Daily Record, the deal amounts to the largest single capital project in the Jacksonville’s 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. Per Forbes, Jaguars owner Shad Khan has an estimated net worth of $12 billion.

The City Council approved the deal via a 14-1 vote. Council member Mike Gay cast the lone “no” vote while declaring there’s “a great deal wrong” with the deal, the Florida Times-Union reports.

Everbank Field is slated for an extensive facelift paid in part by Jacksonville taxpayers. (AP Photo/John Raoux)

Another deal for public funding of an NFL stadium

The deal is the second in two days in NFL cities dedicating public funds for stadium upgrades. The Charlotte City Council voted, 7-3 on Monday to approve $650 million in public funds for an $800 million upgrade at 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 overages for the project. Forbes estimates Tepper’s net worth at $20.6 billion.

The Jaguars and Panthers each joined the NFL in 1995 and are playing in aging venues. Both teams and their host cities opted for extensive upgrades to their current stadiums rather than constructing new ones.

What’s included in Jacksonville’s stadium upgrades

Renderings of the planned upgrades for the project dubbed “Stadium of the Future” include a transparent roof and an open-air design that allows for ventilation.

The redesign will include upgrades to the exterior, concourse and stadium bowl….

Source link : https://sports.yahoo.com/jacksonville-city-council-approves-775m-in-public-funds-to-upgrade-jaguars-stadium-003908169.html

Author : Yahoo Sports

Publish date : 2024-06-26 00:39:08

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