At long last, Jacksonville's Mayor is revealing more aspects of the city's stadium proposal. And she and her negotiating partners are framing the tentative deal as a win-win, with a lease vastly improved from the current agreement that runs out later this decade.
Donna Deegan, Jaguars President Mark Lamping, and special negotiator Mike Weinstein finally presented the parameters of the proposal Tuesday.
The $1.25 billion deal will be a 50/50 split, with the Jaguars agreeing to cover all cost overruns in a "much larger commitment than they originally proposed," per Deegan. Jacksonville will also be on the hook for $150 million in deferred maintenance costs.
The Mayor noted her "pride and excitement" regarding the "historic agreement," called a "crucial step" in downtown development and an economic catalyst for the rest of the city.
She said the economic benefit would be $26 billion for the city over the course of the 30-year lease, and said this new lease represented the team meeting the city "halfway," with an agreement that is "good for Jacksonville and good for the Jaguars."
Lamping noted the team spend was the largest private investment in Jacksonville history, and that given the stadium was "at the end of its useful life," it was time to get a deal done on a "365-day building" that could handle events far beyond what it does now.
He also promised, regarding the renderings, that "what you see is what will be built." That includes more air conditioned space, more escalators and elevators, more restrooms, and more comfort for the fans overall compared to the current facility.
Lamping said that even the construction of the building would create a $2.4 billion economic impact for the city.
The presentation to the City Council finally brought forward public messaging on a process that hasn't involved anyone but the team and the executive branch thus far, but will need legislative approval to move forward.
The Jaguars and the Shad Khan vehicle "Iguana Investments" previously envisioned a total investment that could cost as much as $2.068 billion, a number that could include stadium improvements costing between $1.2 billion and $1.4 billion, as well as between $550 and $668 million for development of a "sports district," an option supposedly off the table.
Jacksonville was proposed to foot the bill for two-thirds of the cost of stadium improvements in the original term sheet.
From here, the City Council is expected to take 60 days to vet the proposal, and the Mayor's Office is taking the show on the road, with five so-called "community huddles" around Duval County.
NFL owners will ultimately have to approve the final deal, should it be approved legislatively.
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