According to a News4Jax article, the Jaguars and the city of Jacksonville have plans for the “most expensive investment in Jacksonville history”. The $1.25 billion Jaguars’ “Stadium of the Future” project comes with a 50/50 split between the two entities. That’s $625 million each.
City of Jacksonville’s Financial Responsibility
Importantly, the city of Jacksonville will not impose any additional taxes to cover this hefty invoice. Rather, the previously implemented Better Jacksonville Plan will stretch until 2030 in order to supply the needed funds.
Jaguars’ Financial Responsibility
As anyone who has ever embarked on a home project knows, unexpected expenses often arise mid-project. However, taxpayers need not worry about this likelihood with the new stadium. The Jaguars will be responsible for any costs outside of the planned $1.25 billion budget. Additionally, the new agreement places 80% of game day operating expenses on the Jaguars. In contrast, the city is responsible for these costs under the current lease agreement. Moreover, the Jaguars will continue to invest in the downtown Jacksonville area through The Shipyards project. Along with The Shipyards project, we discussed Shad Khan’s Jacksonville real estate portfolio in a previous post.
Mayor Deegan & Jaguars President Lamping
The Jacksonville Business Journal published the following quote from Mayor Deegan. “Jacksonville has the privilege of being an NFL town, and this deal will ensure our citizens can enjoy the benefits of that privilege for decades.”
Likewise, the article quoted Jaguars President Mark Lamping. “I think this will change people’s perception immediately of Jacksonville as a long-term home for an NFL franchise, and I think it will put us in a position to attract major events. We will have an iconic symbol that will be growing out of the bank of the St. Johns River.”
Certainly, the Jacksonville real estate market will be impacted by the “Stadium of the Future”. In fact, most homebuyers are also NFL fans, as was said in an Inman article.
Let Your Voice Be Heard.
Undoubtedly, many Jacksonville residents have opinions about the new stadium. Let your voice be heard. Attend a community huddle. Our local huddle will be held May 20th 2024 from 6-8pm at Fletcher High School.
More upcoming dates to know. June 25, 2024: City Council Vote. October 2024: NFL Owners Vote. February 2025: Projected Construction Begins.
Fluid Realty
The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.
