Donna Deegan, Jacksonville Jaguars propose 50/50 stadium funding split

At long last, Jacksonvilles Mayor is revealing more aspects of the city’s stage 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 Lampingand special negotiator Mike Weinstein finally presented the parameters of the proposal. “This is our opportunity to meet the moment,” Deegan said, “to live up to the moniker of being the Bold New City of the South.”

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, bringing the total cost to $1.4 billion.

The city share, even with deferred maintenance costs included, would be less than the $760 million Nashville is spending on its $2.1 billion domed stadium, with the state of Tennessee adding $500 million — an option the state of Florida will not offer.

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. That includes the city and the team partnering on all non-football events. The team will move its offices out of the stadium, which is alleged to create opportunities for meeting space once the renovation is done.

Regarding international games, the Jaguars will have the option to play one home game a year overseas, guaranteeing seven home tilts a year.

Regarding the Florida-Georgia game, both universities are said to be on board for a negotiated extension of the series starting locally in 2028, when construction is to be wrapped.

Community benefits are also part of the pitch, with construction workforce development programs, local vendors prioritized, and acceptance of goals of the Jacksonville Small and Emerging Business Program, along with $300 million in shared costs for the Outeast neighborhood abutting the stadium, workforce development and parks.

The Jaguars will also commit $100 million to the development of a commercial district next to the stadium, with the expectation that it will be built by 2032.

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.

Council members aren’t all on board, though they didn’t get a chance to say anything to the Mayor or the others presenting.

“We got the deal and over the last year Mayor Deegan hasn’t negotiated anything new for this stadium lease other than to add ANOTHER 150 MILLION of additional City spending on non-stadium programs. That’s a non-starter, and Council will remove it. We are where we were last year,” said Rory Diamonda Republican from the Beaches, on social media.

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.

If the stadium is renovated, the Jaguars are expected to be on the road for one year. It’s unknown where they would play their home games at this point.

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