JACKSONVILLE, Fla. — Documents recently obtained by First Coast News offer new insight into renovations expected to be made to TIAA Bank Field and a proposed timeline to accomplish them.
A 'Memorandum of Understanding' outlines the framework for the reimagined sports and entertainment complex and sets forth initial ideas and concepts for the project, which is being spearheaded by City of Jacksonville, The Jacksonville Jaguars and Iguana Investments.
Documents propose a 50-50 cost-sharing break down between public and private money. The city's portion alone would be between $875 million and over one billion dollars.
Based on a proposed timeline of a final project agreement in March 2024, early work on the stadium would begin in February 2025.
Documents indicate construction would be complete in July 2028.
Renovation of the stadium will result in a serious disruption for the team. Documents suggest that ongoing construction would impact at least two NFL seasons, if work is continuous. The documents acknowledge that the project would require the Jaguars, The Gator Bowl and the Florida-Georgia games to be played in alternate locations in 2026 and 2027.
Potential temporary locations for the Jaguars include a temporary stadium at the University of North Florida, Camping World Stadium (Orlando), Ben Hill Griffin Stadium (Gainesville), Daytona International Speedway (Daytona Beach), Wembley Stadium (London), Tottenham Hotspur Stadium (London).
Project leaders say the renovation of the stadium will create a 'barbell effect' that will help fuel growth downtown by serving as a catalyst for new development that will spread eastward toward the Downtown Core.
The Jaguars are expected to unveil a "conceptual" design for renovations on TIAA Bank Field Wednesday morning. At 10 a.m., the public will get a first glimpse at what developments will be created by this project, dubbed the "Stadium of the Future."
"Everyone’s only been asking for it since the stadium was built in all reality,” Jaguars fan, Jeff Graham, said.
“That overhang is definitely necessary, but it think the stuff around the stadium is going to be key I think the stuff they want to put around the stadium is just as important as the stadium itself," Jaguars fan, Jeremy Lawson, said.
First Coast News will bring you updates from Wednesday's press conference both on-air and online.
Mayor-Elect Donna Deegan offered this statement on the stadium framework.
“We have received the initial framework that was created and proposed by the Jaguars. I have asked Mike Weinstein to look at this for me. He brings vast experience working on complex deals for the city.
We are evaluating the framework and working with the Office of General Counsel and Council Auditor to review all prior agreements regarding the stadium and stadium-area developments.
As I have said previously, when it comes time for negotiating, we will bring in a team that is experienced in negotiating this type of deal with the NFL. We’re not there yet. Our end goal remains the same. A deal that works for taxpayers, the Jaguars, and the NFL.”