Reported about 1 year ago
The Jacksonville City Council approved an agreement between the NFL's Jaguars and the city for a $1.4 billion renovation of EverBank Stadium. The team and city will contribute $625 million each to the project, with the city providing an additional $150 million over two seasons. Jaguars owner Shahid Khan will cover any construction cost overruns. Jacksonville plans to finance its share by delaying pension contributions, freeing up borrowing capacity. The deal also includes a 30-year lease and a non-relocation clause, pending approval from at least 75% of NFL team owners in October before renovations can proceed.
Source: YAHOO