In a 14-1 vote Tuesday, the Jacksonville City Council agreed to a 30-year lease and funding agreement with the Jaguars as part of the city’s “largest single development spending deal in city history” -- $775M in EverBank Stadium renovations and $56M in an altered community benefits agreement, according to Hanna Holthaus of the FLORIDA TIMES-UNION. Football fans and Jacksonville residents have “waited to know the inner workings of the deal for years” as it carries “significant implications for the future of the Jaguars franchise and the financial health of the city.” Following the vote, the deal will now head to the NFL owners meeting in October when it “must receive support from at least 75% of team owners.” Holthaus notes the accepted deal puts the city responsible for 55% of stadium costs, which “includes maintenance funding prior to the start of construction but not the cost of outdoor work.” The majority of the deal Jacksonville Mayor Donna Deegan’s team negotiated “came through City Council criticism unscathed.” But the “popular community benefits agreement was not as successful,” and the council conversation on how to fund the area surrounding the stadium is “ongoing and will continue through the next budget process.” Holthaus notes that at $150M, the Jaguars investment is “the largest in NFL history for a community benefits agreement” ( FLORIDA TIMES-UNION, 6/25 ).
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