The proposal would completely renovate and modernize the stadium, and finalize a new 30-year lease for the city-owned facility
JACKSONVILLE, Fla. (May 17, 2024)– The JAX Chamber Board of Directors unanimously voted Friday morning to support the proposed Stadium of the Future agreement and urged the City Council to approve the deal.
The City of Jacksonville and the Jacksonville Jaguars would evenly split the cost of the $1.25 billion stadium renovation, and the city would also contribute $150 million to repairs prior to construction that will make the renovation possible. With that addition, the city would be paying 55 percent of the cost for the $1.4 billion project, lower than two recent National Football League deals in Buffalo and Nashville, respectively.
“This is an incredibly important deal for the future of our city,” JAX Chamber President and CEO Daniel Davis said. “A deal to keep the Jaguars here for at least another 30 years and a state-of-the-art stadium for the team and other major events are huge wins. I commend Mayor Deegan and the Jaguars for coming together, listening to community input and getting a fair agreement done.”
The details of the deal were announced earlier this week. Mayor Deegan, city lead negotiator Mike Weinstein, and Jaguars President Mark Lamping addressed the Chamber Board of Directors on Friday, outlining the terms and answering questions from the Board. The deal also includes a Community Benefits Agreement, with the city and Jaguars each contributing $150 million to significant community projects, including housing, workforce development and parks.
“We have to invest in the Jaguars and the stadium – that’s part of the deal of being an NFL city and we understand that. The Community Benefit Agreement is also a huge part of this deal and we will see significant benefits from these investments.” Davis said. “We will be active in speaking with the City Council on the importance of this proposal and urge them to approve the agreement.”
About JAX Chamber
The JAX Chamber is the business membership organization dedicated to driving quality economic growth in Northeast Florida to make this region the best place to live, work and play. Membership provides the opportunity to connect with and buy from other Chamber members. The connections result in business growth and a more prosperous economy.
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