A New Era for the Jaguars: $1.4 Billion ‘Stadium of the Future’ Approved
The city of Jacksonville has taken a significant step towards securing the future of the Jaguars, approving a $1.4 billion ‘stadium of the future’ that is expected to keep the team in one of the NFL’s smallest markets for at least another 30 years.
The proposed 63,000-seat, open-air stadium
The city council voted 14-1 in favor of the proposal, which will now advance to NFL owners for final approval. The Jaguars don’t anticipate much pushback from the league, despite the 50-50 financial split being higher than most NFL owners contribute towards new or renovated stadiums.
The stadium proposal calls for each side to contribute $625 million to the $1.25 billion project. Jacksonville, which won’t levy any new taxes to fund the rebuild, would chip in another $150 million in deferred maintenance to get EverBank Stadium ready for construction in 2026. This essentially pushes the city’s contribution to 55% of the total bill.
“The proposed stadium includes a translucent covering that’s the equivalent of ‘wearing shades in the sun,” team president Mark Lamping has said. It’s expected to lower outside temperatures by 15 degrees.
Construction would begin following the 2025 season. The Jaguars would play in front of a reduced capacity (no upper deck) in 2026 and then host home games in Gainesville or Orlando the following year. The proposal includes a 30-year lease, a non-relocation agreement, and a provision that limits the number of games the Jaguars can play outside Jacksonville.
The new stadium design
Under the new lease, the Jaguars would play all preseason and postseason home games in Jacksonville and would continue to play one home game a year in London, likely at Wembley Stadium. Both sides expect the revamped stadium to lead to more high-profile events.
The Jaguars agreed to take on all construction cost overruns, assume day-to-day operations of the stadium, and bear 80.4% of game day expenses moving forward. The city and the Jaguars still hope 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.
The city and the team consider the areas surrounding the stadium critical to the long-term success of Jacksonville’s downtown.
The city plans to finance its portion of the deal 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 plan to fund part of its portion through the NFL’s G-4 program, which provides financial assistance for stadium projects. Funding through the program is considered a loan and is repaid from the visiting team’s share of certain seating. A team applying for the loan is required to put up matching dollars.
This new stadium deal is a significant step forward for the Jaguars and the city of Jacksonville, and is expected to bring in more high-profile events and revenue to the area.
