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Jacksonville & Jaguars will fund stadium renovations without state funding

From the News Service of Florida:

Without new state subsidies in play, the Jacksonville Jaguars and city officials announced Wednesday they will jointly proceed with $63 million in upgrades to EverBank Field, including the installation of two massive end-zone video scoreboards that the team says will be the largest in the world.

The announcement came a day after International Speedway Corp. unveiled plans to proceed on its own with $375 million to $400 million in upgrades to Daytona International Speedway. Both venues, along with a proposal for a soccer stadium in Orlando and improvements to the Miami Dolphins' Sun Life Stadium in Miami Gardens, failed to win legislative approval to direct state sales taxes into the planned construction or upgrades.

Besides the new 301-foot-long, 55-foot-high end zone scoreboards at EverBank Field, other work at the publicly-owned stadium will include additional sideline display boards and a new concession area beyond the north end zone that is to feature pools and interactive activities.

"Our determination to see this concept brought to reality was matched by Mayor (Alvin) Brown, and his impressive work on this project is why we're able to move so quickly," Jaguars owner Shahid Khan said in a release. "This is what can happen when two parties are committed to a common goal."

The two sides are sharing the cost of the $26.5 million video scoreboards, with the team covering 75 percent of the bill. The city is picking up the tab for the rest of the work from its capital projects funds.