The $100 Million Jacksonville Jaguars Scoreboards

[Non-RedNeck Westsider]

This just seems like I'm going to whine because it's not the Q OL investment that I wanted.

Jeffrey, I think that this statement pretty much sums it up for everyone.  (emphasis mine)

[edjax]

Well at least we actually have something in this case for the money actually spent unlike many other items in Jax where money was thrown at a project and have nothing to show for it such as a fish restaraunt on the northside, Genovar Hall and The Shipyards.

[GatorShane]

I am really tired of the bullshit argument that only a few wealthy people benefit from the stadium. I have tickets only because they offer a payment plan. I am by no means any where near wealthy and there are thousands of people just like me who attend the games. I am not trashing the article it was very well written, just some of the comments. People act like Khan is some sort of carpetbagger who is just here to get want he wants and then will pull up stakes and move on. He has already demonstrated that he is committed to this city. Is he making money? Sure he is , but that's what business men do. That stadium is a huge asset to this community and should be treated as such. If you add up all of the money the city has spent on that venue over the years, it pales in comparison to what other cities spend. Am I biased because I am a sports fan? Probably so! I would like to see everything  get some significant funding, the arts, education, the St. Johns river, DT development, libraries, mass transit, etc. I just wish some people in this town would stop trying to make every improvement to the stadium an elite taking from the poor issue.

[TheCat]

As an fyi, as of August 21 long term bonds have yet to be issued.

This email message was forwarded by David Decamp from the Treasury Department:

Ordinance 2013-694-E authorized the use of commercial paper for interim financing on the improvements to the stadium.  To date, we have issued $24,225,000 in commercial paper to fund a portion of these improvements.  The current tranche of commercial paper matures on August 27, 2014, but we intend on "rolling" it out during the interim financing period.  Commercial paper may be remarketed to mature every 1 – 270 days.  The currently outstanding notes are accruing interest at an extremely low rate of 0.08%.

We expect to issue additional tranches of the commercial paper as necessary and ultimately refund all of the interim financing with long-term bonds.  We will continue to monitor the debt markets for refinancing opportunities.

As you know, the debt is being repaid with the CDT ("bed tax") revenues.

[Player_1]

In response to "Murder_Me_Rachel"

Do you really think a city that has been around for 200+ years would just fall apart without an NFL team?

And since you sound like someone who just flat out dislikes the jags (and all other sports teams in the city) I'm led to believe you have some personal vendetta against organized sports. See your quote below:

"I still dont like idea of public dollars (ANY dollars) going to pro sports, even the Armada (which has a softer place ion my heart than the Jags). Frisch is Khan, but he's got pleeeeeeeeeeeeenty of money and needs to pony up his own, or finance it himself."

Also where in Void did they say he was "the greatest thing that ever happened to Jax" ? 

[spuwho]

Some graph or sheet showing how the financing buckets work would be a good add.

It comes down to how you perceive the spend. Tactical or strategic.

Rob colorfully highlights the tactical issues COJ faces, but as the article explains, the money is targeted.

If you view the spend as strategic, then you have to measure the benefits over the useful life of what you acquire. If there are tangible, measurable items that come about over the next 20 years, then they have to be identified and explained so people can understand.

Inducements for corporates like GE Gas & Oil and Deutsche Bank can be easily quantified up front because you can see exactly what will come of it.

Investments in entertainment facilities is a riskier play, because the end results are less certain in the near term.

Overall the spend, while significant, shows a strategic view to how the area wants to approach tourism and filling hotels and that is through sports and entertainment.

The wildcard here is our local politics. We have a bad habit of collective amnesia when it comes to strategic directives and tend to bend it to near term political agendas.

[jaxjaguar]

Not to mention there will be more than football fans impacted by the boards... There are several movie nights lined up which are geared towards familes (the first of which is Nov 7). The WWE, which has an enormous travelling fan base, has also expressed interest in bringing one of their biggest shows here purely because of the boards.

It's not all about the Jaguars. There are many businessmen who have also been lured into town to see what the hubbub is about. I think a few years from now this will prove to be a "no brainer" upgrade for the stadium. With the addition of the brewery to the area and the potential for the shipyards being developed, I think we're on the verge of reviving a long dead part of town.

Look to Jerry Jones fortress in Dallas to see what it's done for the area. They've had a 66% increase in event bookings since building their new stadium and it's only going up. They've also seen over $1 billion dollars in revenue from 16 events....in just a 4 month period!

Jacksonville is on a similar path with the bookings slated for next year. Expect to see many, many more events hosted next year and the following year. Remember the goal is to host over 300 events a year in the stadium. We currently host about 25-30 major events there a year now.

As much of a proponent of the other developments in Jacksonville as I am, I've seen too many projects fail, fall through and drastically change for the worse. Not just with the current administration...looking at you Friendship Fountain Park. But I think in the long run we can all agree that Friendship Fountain and the Brewing company have turned out to be better than nothing.

Let's just be happy that we have something no other city in the world has. Something that puts us on the radar for big events. Something that has people, outside of Jacksonville, talking about us in a positive manner.

[Rob68]

If public monies are being used for private profit then the public deserves a check in the fucking mail..how about the city of jacksonville buy the jaguars and we the city actually make the money..pension problem solved. 100 million is bullshit..why are we letting one person gain so much from we the citizens and all we get is a game and a place to care for.

[edjax]

Well for one,,the city of Jacksonville can not own an NFL team. 

[jaxjaguar]

As edjax said the city can't legally own the team. Also, do you expect the City to cut you a check for every project we have that you don't agree with?

The financing portion of this seems a little ridiculous, but I'm not well versed enough on major projects to speak for how they normally turn out when you factor in interest and other lending fees. Just out of curiosity does anyone know what the Total cost was, with fees and everything included, for repairing the Carling and 11 East?

Also, say we generate 1/2 of the revenue expected $500 million. That would be roughly $40 million of taxes generated from one venue in one year... I'd say that's a pretty sweet deal.

[jcjohnpaint]

Isn't the Packers owned by Green Bay?  I know it is public/ not for profit. 

[edjax]

Yes the Packers are, but that type of ownership was grandfathered in and no longer allowed.  A team can now only be owned by a maximum of 32 individuals and the primary owner must own at least 30% of the team.

[coredumped]

I don't understand how people on this forum want the city to spend money on a convention center, but not the stadium.

Don't they both:

• Bring in traffic to the city?
• Get people in hotel rooms?
• Get people spending money on food/gas/beer whatever in the cities core?
• Improve the image of the city?
• Put the city of Jacksonville on TV in another large market each week there's a homegame AND 1 NATIONAL broadcast each year? Scratch that, ONLY the stadium does that!

That being said....

[jcjohnpaint]

I can care less about a convention center, but I cannot understand why particular council members will turn down any funding for investment in projects like the Laura St. Trio/ Landing etc, but be totally on board with the scoreboards.  I am actually not against the scoreboards.  I know they are different pots of money, but we will pay in the end at least for maintenance.  I just am extremely confused about our leaders priorities.  There is absolutely no consistency.

[vicupstate]

1) What are the 300 events that will be the at the stadium, beyond the ones already held there?

2) Was it necessary to have these scoreboards in order to get these additional events?