City Does not Know how it will fund its share of $63 million for Everbank

[Cheshire Cat]

The Mayor stood with Shad Khan at a recent press conference and proudly announced plans for a new jumbotron at Everbank stadium.  Apparently the city is on the hook for $43MM out of the $63,000,000.00 of the proposed stadium improvements, however when the Times Union asked the Mayors office what the plan was to fund all these millions, the answer is that there apparently is none yet but they are figuring it out.  Seriously? Does this not worry folks?  Lord help us all!

Mayor Alvin Brown has not yet determined how the city will pay its share of the $63 million in EverBank Field improvements he announced Wednesday with Jaguars owner Shad Khan.

The Jaguars would put up $19.9 million and the city would pay $43 million for the gigantic video boards at the end zone sides of the stadium, seven LED board displays around the stadium, and a fan zone with swimming pools in the north end of the stadium.

RELATED: Jaguars, city deal to feature world's largest video scoreboards

David DeCamp, a spokesman for the mayor, said the administration is examining ways to pay the city’s share.

“We are still in the exploratory stage regarding the specific funding source for the capital investment in the stadium, but do not see any reason other capital projects would be impacted by enhancing EverBank Field and its long-term future,” he said in a statement.

Incoming City Council President Bill Gulliford said Thursday he has not been briefed by the mayor on how the city would finance the stadium work.

“That’s the best-kept secret in Jacksonville, apparently,” he said.

Read more at Jacksonville.com: http://jacksonville.com/news/metro/2013-06-20/story/city-hasnt-determined-how-it-will-pay-its-share-63-million-everbank#ixzz2WmN8D8SB

[mbwright]

Deficit spending?  I guess they can just add it to other liabilities and obligations, like the little pension.

I want a 2 million dollar house, and a $100,000 car.  Wanting it does not make it so. 

Maybe Everbank can fund it.

I wonder how many other projects are funded by the hotel bed tax.  Is there a surplus from this?

Where are the priorities?

[cline]

Apparently the city is on the hook for $63,000,000.00 of the proposed stadium improvements

That is an inaccurate statement.  The city is not on the hook for $63MM- that's the total.  The City's share is $43MM

[duvaldude08]

Im not shocked. Sounds like a typical Mayor Brown move. When he runs for office again, he wants this on his "Mayor browns" accomplishment list. I would not same I am "worried" . For projects of this nature, there are several roads they can take. At one point they were talking about getting a bond and using the money we get in the stadium fund to pay it off. I guess they felt like, "welp, we have until January to figure this out."

[Cheshire Cat]

Apparently the city is on the hook for $63,000,000.00 of the proposed stadium improvements

That is an inaccurate statement.  The city is not on the hook for $63MM- that's the total.  The City's share is $43MM

Correct.  Glad you caught that.  I will adjust the amount, I meant to put $43MM

[Cheshire Cat]

What has me curious is what became of the money in the "special sports fund" everyone has been talking about?  If there is such a fund, how is the mayor says he does not know yet how the city will pay the $43MM?

[duvaldude08]

What has me curious is what became of the money in the "special sports fund" everyone has been talking about?  If there is such a fund, how is the mayor says he does not know yet how the city will pay the $43MM?

The stadium fund was created when we got the team. All the revenue that is made at Everbank field goes into this fund to pay for upkeep of the stadium, renovations, improvements, etc. Im sure there isnt 43MM sitting around anywhere in Jax, but if they got a construction bond, they would use that money in the stadium fund to make the payments on the bond. We also still get a 2 million rebate every year from the state (which was for the construction of the stadium). That money goes into the stadium fund as well.  Also, once the Prime Osborne was paid off, Peyton diverted the money that was being use for that, to the stadium fund. We have the means to make it happen, but they should have gotten the method nailed down before making an announcement. Now, they are in a position they have to make it happen in order for the city to save face

[thelakelander]

What happened to the bed tax money that was mentioned in the Jags thread?

[KenFSU]

Ladies and Gentlemen... Jacksonville, Florida!

[duvaldude08]

What happened to the bed tax money that was mentioned in the Jags thread?

That what Im wondering. It seems as if the some of the city council is aware of whats going on and some are in the dark. The reports are becoming conflicting now. It seems to be, which Im not shocked, a breakdown of communication. (which has been happening since Brown has taken office)

[Cheshire Cat]

What has me curious is what became of the money in the "special sports fund" everyone has been talking about?  If there is such a fund, how is the mayor says he does not know yet how the city will pay the $43MM?

The stadium fund was created when we got the team. All the revenue that is made at Everbank field goes into this fund to pay for upkeep of the stadium, renovations, improvements, etc. Im sure there isnt 43MM sitting around anywhere in Jax, but if they got a construction bond, they would use that money in the stadium fund to make the payments on the bond. We also still get a 2 million rebate every year from the state (which was for the construction of the stadium). That money goes into the stadium fund as well.  Also, once the Prime Osborne was paid off, Peyton diverted the money that was being use for that, to the stadium fund. We have the means to make it happen, but they should have gotten the method nailed down before making an announcement. Now, they are in a position they have to make it happen in order for the city to save face

For me it is very worrisome that the Mayor would commit to an expenditure of $43MM without knowing how the city will pay for it.  The concern is not so much the purchase of the jumbotron or even the stadium improvements, but rather the lack of planning and due diligence on the part of the Mayor and his staff.  To me that is simple incompetence and does not speak to the ongoing concerns of our budget and the many shortfalls.  I mean you don't go to a car dealer and buy and new car and tell them you don't know how to pay for it.  It's nuts!

[duvaldude08]

Ladies and Gentlemen... Jacksonville, Florida!

Correction. " Ladies and Gentlemen, Mayor Brown presents, Jacksonville Florida!"

[cline]

What happened to the bed tax money that was mentioned in the Jags thread?

Hey, no one said there would be enough bed taxes to actually fund this thing

[Cheshire Cat]

What happened to the bed tax money that was mentioned in the Jags thread?

That what Im wondering. It seems as if the some of the city council is aware of whats going on and some are in the dark. The reports are becoming conflicting now. It seems to be, which Im not shocked, a breakdown of communication. (which has been happening since Brown has taken office)

According to the incoming Council President Bill Gulliford, the members of Council are "in the dark" about this entire deal.  He stated for the record in the TU article that the details are the "best kept secret in Jacksonville".

[duvaldude08]

What happened to the bed tax money that was mentioned in the Jags thread?

That what Im wondering. It seems as if the some of the city council is aware of whats going on and some are in the dark. The reports are becoming conflicting now. It seems to be, which Im not shocked, a breakdown of communication. (which has been happening since Brown has taken office)

According to the incoming Council President Bill Gulliford, the members of Council are "in the dark" about this entire deal.  He stated for the record in the TU article that the details are the "best kept secret in Jacksonville".

But then another council member (can remember his name), spoke on the news explaining how the city budget works, and where the money would come from. And trust me, Im saying you are incorrect or really disagreeing with you, Im just saying. There is a stadium fund and other method to fund capitol improvement projects, and they dont effect the cities budget. Its not like they are going to take money from the public works account and pay for stadium renovations. The stadium fund and bed taxes are they for that purpose. They have options, just should have nailed down which one before making an announcement.