Author Topic: City unveils Jaguars stadium plan  (Read 21109 times)

marcuscnelson

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City unveils Jaguars stadium plan
« on: May 14, 2024, 05:59:17 PM »
Over the last hour or so, Mayor Donna Deegan, city negotiator Mike Weinstein, and Jaguars President Mark Lamping unveiled the proposal for a $1.4 billion renovation of Everbank Stadium to Jacksonville City Council. The proposal includes up to $775 million in city funding for the stadium, plus $150 million invested in parks and neighborhood development, but would not raise taxes. Multiple outlets are covering elements of the deal as they become available.

https://www.firstcoastnews.com/article/news/local/city-reveals-jaguars-stadium-funding-proposal-taxes-not-be-impacted/77-e28e1922-2fba-438b-8ec7-d2e4c5115fe4

https://www.actionnewsjax.com/news/local/live-updates-mayor-jaguars-president-city-negotiator-present-stadium-deal-city-council/LR7IECSBCJCA7MWFQXI6IPNSTM/

https://www.jaxdailyrecord.com/news/2024/may/14/jaguars-stadium-of-the-future-deal-includes-775-million-in-public-funding/
So, to the young people fighting in this movement for change, here is my charge: march in the streets, protest, run for school committee or city council or the state legislature. And win. - Ed Markey

jaxlongtimer

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Re: City unveils Jaguars stadium plan
« Reply #1 on: May 14, 2024, 06:18:25 PM »
Rory Diamond already pouring cold water on the deal.  It is complex so you would think he would take a deep breath before critiquing it.  In the end, if Deegan is for something, rest assured Diamond and his cronies are against it.

Funny, too, how he thinks he speaks for the entire Council.  What arrogance.

From Diamond on X:
Quote
We got the deal and over the last year

@MayorDeegan hasn’t negotiated anything new for this stadium lease other than to add ANOTHER 150 MILLION of additional City spending on non-stadium programs.

Thats a non-starter, and Council will remove it.

We are where we were last year.

Ken_FSU

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Re: City unveils Jaguars stadium plan
« Reply #2 on: May 14, 2024, 06:22:13 PM »
Devil will be in the details, looking forward to reviewing the documents, but at first blush, by NFL standards, this deal is incredibly fair, up to and including an unprecedented 30-year lease extension for a rebuild.

jaxlongtimer

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Re: City unveils Jaguars stadium plan
« Reply #3 on: May 14, 2024, 06:24:39 PM »
More details here...
Quote
...Under the terms of the tentative deal, Jacksonville will pay $625 million and the football team will pay $625 million for the project, which would extend the Jaguars' lease for 30 years and include a non-relocation clause.

The city will also pledge $150 million for deferred and ongoing maintenance that must be completed before construction starts, bringing its total spend to $725 (SIC, $775) million.

If the project goes over budget, the team and city would split the overage up to $5 million, with the Jaguars paying for anything over that.

The Jaguars will also commit $100 million for commercial development downtown.

The deal also includes a community benefit agreement that the team and city said is the largest of its kind in the history of the NFL. That agreement has the city and the team each kicking in $150 million, with the money being spent on targeted community initiatives.

That includes spending money in the Eastside neighborhood adjacent to the stadium as well as investing in programs focused on affordable housing and homelessness across the county, as well as workforce development and parks...

https://www.bizjournals.com/jacksonville/news/2024/05/14/jacksonville-stadium-deal.html?utm_source=st&utm_medium=en&utm_campaign=BN&utm_content=JA&ana=e_JA_BN&j=35380410&senddate=2024-05-14

marcuscnelson

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Re: City unveils Jaguars stadium plan
« Reply #4 on: May 14, 2024, 06:53:44 PM »
Agreed Ken. $775 million is a lot of money that could theoretically go elsewhere, but this seems reasonable for being able to keep an NFL team for 30 years without having to raise taxes or build a new stadium. The CBA adds a Jaguars match (granted, over a longer period of time) to things we already wanted to do anyway, the operating agreements seem much kinder in terms of lessening the city's obligation, and all without the state support that other cities benefit from.

The city has created a webpage for the deal, which includes their presentation for huddles and an infographic:



Also a new rendering without the entertainment district:



It also details the BJP funding proposal that was discussed during the meeting:

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The Better Jacksonville Plan Referendum (BJP) that was passed by the citizens of Jacksonville nearly 30 years ago called for a half of a percent to be added to the sales tax for 30 years to complete a wide variety of capital projects. Jacksonville citizens then passed a second referendum to extend that same half-penny to fund the deficit in the Police and Fire Pension Fund and the City's General Employees’ Pension Fund. The BJP half-penny was to stop at the end of 2030 and the Pension half-penny was to immediately take its place.

A prior administration thought it would be a good idea to consider ending the BJP earlier than 2030, possibly at the end of 2026. This required taking projects that would have been paid for by the BJP sales tax, placing those projects in the City's Capital Improvement Plan (CIP) and borrowing money to complete those projects. This moved projects that would have been paid for with available City cash to requiring borrowing to get those projects completed. The pension funds by the approved referendum will receive 30 years of their half-penny or until they are both fully funded. Therefore, whether the BJP ends at the end of 2030 or 2026, the pension funds will be fully funded by the pension sales tax.

If the city follows through with the approved referendum BJP end date of 2030 and returns the projects that were taken out of the BJP and adds similar projects that can be added through City Council approval, it will remove around $600 million from anticipated borrowing and save the taxpayer over $1.5 billion in debt payments and still get all the projects completed according to their schedules.

The relief of this debt burden brings us to the stadium recommendation;

During the next four budget cycles, it is recommended we place into the City's CIP the required funding for our share of the renovation expenses according to the construction schedule and funding requirements matching the construction schedule. The way the CIP works is the City pays the expenses of the CIP projects from various City accounts as the costs occur and at the end of each year the city borrows the amount spent on the projects and reimburses the accounts the funding originally came from. The borrowing at the end of each year is then added to the City's overall debt and paid for in the City's debt service accounts. The goal is always to borrow less than we pay off each year.
« Last Edit: May 14, 2024, 06:55:15 PM by marcuscnelson »
So, to the young people fighting in this movement for change, here is my charge: march in the streets, protest, run for school committee or city council or the state legislature. And win. - Ed Markey

Skybox111

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Re: City unveils Jaguars stadium plan
« Reply #5 on: May 14, 2024, 06:59:19 PM »
Roof is different looking. Yeah they changed some things the entrances tropical jungle look gone. sides of the roof you can now see the field below the roof.
« Last Edit: May 14, 2024, 07:05:26 PM by Skybox111 »

jaxlongtimer

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Re: City unveils Jaguars stadium plan
« Reply #6 on: May 14, 2024, 07:05:45 PM »
Nate Monroe weighs in...
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Nate Monroe: The promises, contradictions and perils of Jaguars stadium agreement

https://www.jacksonville.com/story/news/columns/nate-monroe/2024/05/14/nate-monroe-the-promises-contradictions-and-perils-of-jacksonville-jaguars-everbankstadium-agreement/73689084007/

Interesting tidbit in his column mentions Khan's new Kismet yacht at 122 meters (that's 400 feet, longer than the Jags' playing field). You, too, can enjoy as charters are available at about $3,000,000/week PLUS expenses.
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Lürssen's 122m superyacht Kismet delivered

https://www.boatinternational.com/yachts/news/lurssen-superyacht-kismet-project-jag-delivered









« Last Edit: May 14, 2024, 11:41:23 PM by jaxlongtimer »

jaxlongtimer

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Re: City unveils Jaguars stadium plan
« Reply #7 on: May 14, 2024, 07:26:48 PM »
This below is an interesting presentation... here is a link to see it enlarged: https://www.jacksonville.gov/mayor/stadium-of-the-future/docs/stadium-of-the-future_economic_framework-pdf.aspx .

I do wonder about adequacy of parking for the stadium.  I estimate about 5,500 or so parking spaces.  Seems less than now as lots look to be more landscaped reducing parking.  And, what role might the Fairgrounds play going forward.


thelakelander

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Re: City unveils Jaguars stadium plan
« Reply #8 on: May 14, 2024, 07:34:14 PM »
Wrong Nate Monroe link. I didn't catch the entire presentation. What's everyone's opinion on the CBA and where that money would be going?
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Charles Hunter

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Re: City unveils Jaguars stadium plan
« Reply #9 on: May 14, 2024, 07:37:00 PM »
JLT - your "Nate Monroe" link goes to the Business Journal article, not Nate's column

The renderings are confusing about the roof. In the 'above' views, it looks gone, or transparent; in the 'inside looking up' views, it looks like it always has.

Skybox111

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Re: City unveils Jaguars stadium plan
« Reply #10 on: May 14, 2024, 07:56:27 PM »
More for sunlight to hit you instead of actual shade that was shown in earlier renderings and everything outside around stadium is different. Lost some cool slopes and jungle for some long tall stairs. 

https://www.hok.com/news/2023-06/jacksonville-jaguars-unveil-plans-for-stadium-of-the-future/ Original

« Last Edit: May 14, 2024, 08:16:16 PM by Skybox111 »

marcuscnelson

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Re: City unveils Jaguars stadium plan
« Reply #11 on: May 14, 2024, 08:15:18 PM »
Wrong Nate Monroe link. I didn't catch the entire presentation. What's everyone's opinion on the CBA and where that money would be going?

I thought the breakdown seemed reasonable at first glance (converted into forum format):

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$300 MILLION TOTAL INVESTMENT
$150M invested upfront by the City & $150M invested by the Jaguars over the term of the lease in targeted community initiatives including:
  • OUTEAST Neighborhood: Community Development & Affordable Housing/Homelessness
  • Countywide: Workforce Development & Affordable Housing/Homelessness
  • Parks: Development of the Riverfront Plaza, Shipyards West Park, Metropolitan Park and Flex Field Conversion on the Northbank of the St. Johns River & Public Park Upgrades Combined with Youth Sports Programming throughout Duval County

TotalCOJJaguars
OUTEAST$105M$30M$75M
Countywide$125M$50M$75M
Parks$70M$70M$0
Total$300M$150M$150M

$105 million for the Eastside seems like a real win, hopefully the community is able to utilize that money effectively to attract investment without displacement.

I wonder if the countywide investment would be run through the affordable housing fund the Mayor launched a few weeks ago or as its own program.

Parks I'm a little confused about, since this doesn't propose the Jaguars making an investment and I don't recall hearing about plans to convert the Flex Field into exhibition space before today. I'm also unsure if $70 million is actually enough to cover developing all of those parks while also doing youth sports programming.
So, to the young people fighting in this movement for change, here is my charge: march in the streets, protest, run for school committee or city council or the state legislature. And win. - Ed Markey

thelakelander

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Re: City unveils Jaguars stadium plan
« Reply #12 on: May 14, 2024, 09:12:17 PM »
Re Eastside: There are some serious plans there. I've sat in those meetings for several months now. Having a neighborhood vision, startegy and organization.... with funding will have dramatic impact in a way that Jacksonville has not seen (because we've never done things in these communities this way). As most here know, The Avenue (A. Philip Randolph Boulevard) was recently designated as Jacksonville's first Main Street program. A goal there is to enhance that corridor and its businesses into a local commercial district that rivals the vibrancy of San Marco Square, Five Points, St. Johns Avenue, etc. However, the businesses, cuisine, culture, etc. will reflect the demographic makeup and cultural heritage of that neighborhood. That's an example of a neighborhood revitalization strategy that can be bolstered through a CBA.

I don't know too much about the overall deal outside of the Eastside withintrication work, but understand why the CBA extends to the larger community as well. I'm sure we'll need more than $70 million combined for all of downtown's riverfront parks but its possible those funds could be used as a match to leverage additional dollars from other financial sources.
« Last Edit: May 14, 2024, 09:15:44 PM by thelakelander »
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Ken_FSU

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Re: City unveils Jaguars stadium plan
« Reply #13 on: May 14, 2024, 09:27:22 PM »
I got the vibe from the language used during the meeting that the $70 million would be used to complete the riverfront parks, not fund them in full. We’ve already got $25 million in the CIP set aside for Phase I of Riverfront Plaza, and another $25 million for Phase I of Shipyards West. I assume we can’t count that retroactively as part of the CBA, before an agreement is even signed. If you think of it as $15 million for Phase 2 of Riverfront Plaza, $20 million for Phase 2 of Shipyards West, $25 million for Metro Park, and $10 million for the flex field and sports programs, it makes a little more sense.

Ken_FSU

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Re: City unveils Jaguars stadium plan
« Reply #14 on: May 14, 2024, 09:40:33 PM »
Re Eastside: There are some serious plans there. I've sat in those meetings for several months now. Having a neighborhood vision, startegy and organization.... with funding will have dramatic impact in a way that Jacksonville has not seen (because we've never done things in these communities this way). As most here know, The Avenue (A. Philip Randolph Boulevard) was recently designated as Jacksonville's first Main Street program. A goal there is to enhance that corridor and its businesses into a local commercial district that rivals the vibrancy of San Marco Square, Five Points, St. Johns Avenue, etc. However, the businesses, cuisine, culture, etc. will reflect the demographic makeup and cultural heritage of that neighborhood. That's an example of a neighborhood revitalization strategy that can be bolstered through a CBA.

What’s the secret for pulling a potentially huge investment like this off and transforming The Avenue into a vibrant district like those noted above without triggering gentrification and displacing current residents? Any examples comes to mind of cities who have done this right vs. wrong?