(The Center Square) – The Jacksonville Jaguars revealed renderings of a stadium renovation this week that could cost up to $1.4 billion with a public cost of more than $1 billion for a total $2 billion development around the stadium.
The public funding would be part of a 50-50 cost share proposal between the city and Jaguars owner Shahid Khan, according to documents acquired by Florida Politics.
The documents propose that Jacksonville pays for two-thirds of the stadium renovation – between $800 million and $934 million – while Khan would pay the $550 million to $668 million for the surrounding entertainment district on a stadium that would be ready for the 2028 NFL season.
The Jaguars announced the stadium plans on social media along with “community huddles” to discuss the plan publicly between June 12-22 at anywhere from Strings Sports Brewery to libraries, country clubs, hotels, restaurants and the Jacksonville Zoo.
Economic research has repeatedly shown the lack of public benefit for publicly funding sports stadiums despite the claims of stadium proponents.
Skylar Zander, Florida State Director for Americans for Prosperity, spoke out against the proposal and his group set up a form letter for residents to sign and send to Jacksonville council members.
“Jacksonville residents are struggling to make ends meet, and yet it’s not stopping the Jacksonville Jaguars and some city leaders from pushing for $1 billion in tax revenue to pay for a new stadium and entertainment district,” the letter states. “One billion dollars is more than a years’ worth of the city’s budget. Study after study from Stanford University to University of Michigan and economist on the center left and center right of the political spectrum have concluded that sports stadiums do not generate enough revenue to pay for themselves. We must heed to the facts and implore the council members to stand up for the Jacksonville residents.”
The proposal comes after Metro Nashville’s council approved a deal that would include $1.2 billion in public funding for a new Tennessee Titans stadium that includes a tax capture expected to collect an estimated $3.1 billion over the length of the lease to pay off revenue bonds on the construction and fund future capital projects and infrastructure.
Public funding of a $2 billion development in and around the Jacksonville Jaguars stadium would be part of a 50-50 cost share proposal between the city and Jaguars owner Shahid Khan. Public cost could be more than $1 billion. The stadium renovation is $1.4 billion.
Public funding of a $2 billion development in and around the Jacksonville Jaguars stadium would be part of a 50-50 cost share proposal between the city and Jaguars owner Shahid Khan. Public cost could be more than $1 billion. The stadium renovation is $1.4 billion.
This article First appeared in the center square