Jacksonville City Council approves ‘historic’ agreement for new Jaguars stadium

JACKSONVILLE, Fla. – The Jacksonville City Council approved the city’s agreement with the Jaguars for its new BankField stadium renovations Tuesday.

The “historic” agreement for the Jacksonville Jaguars “Stadium of the Future” comes after a sequence of public meetings and revisions by council members aimed at revitalizing Jacksonville’s top stadium, while ensuring the Jaguars remain rooted in the community. 

“This day has been a long time coming,” Mayor Donna Deegan said. “I am truly grateful for the partnership with the Jaguars throughout the negotiation process, and to the City Council for passing this historic deal. Together, we are turning renderings into reality for the betterment of Jacksonville.”

The total cost for the stadium renovations is around $1.2 billion and will entail an almost even split, with the Jaguars committed to covering any cost overruns, surpassing their initial proposal significantly, according to Deegan.

The council agreed to remove $94 million from the original Community Benefits Agreement, which was at a total of $150 million.

That leftover $56 million will be available for targeted community investments in the city’s riverfront parks system, according to the city.

The Jaguars renovation plan was originally around $2 billion.

The revised plans of the agreement passed through city council Tuesday with a 14-1 vote and two absentations. Councilman Mike Gay was the only member to vote against the agreement.

The funding for the renovations will come from a blend of public and private investments.

“The belief and determination of Delores and Wayne Weaver 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,” Jaguars Owner Shad Khan said. “The message then, and now, should be clear.  Never doubt Jacksonville!”

The agreement was presented from Deegan’s office in May nearly one year after the Jaguars unveiled their renovation plans and began stadium negotiations as Deegan took office.

In May, Deegan said the city would reap a $26 billion economic benefit over the 30-year lease period, describing the new agreement as the team meeting halfway, beneficial for both Jacksonville and the Jaguars.

Following Tuesday’s vote, Council President Ron Salem called it a “historic moment” for the city.

“My colleagues on the City Council and I worked hard to protect the taxpayers and guarantee this renovated stadium will ensure we are home to an NFL franchise that will serve as a world‐class experience for fans and visitors and will be a catalyst for economic growth in our downtown,” Salem said. ”I believe we’ve achieved that with this comprehensive, transparent and forward‐thinking approach. I am extremely pleased with the outcome.”

Ultimately, NFL owners will need to grant approval for the final deal in October.