Charlotte, Jacksonville commit millions to stadium renovations. Who got the better deal?

City councils in Charlotte and Jacksonville, Florida, both agreed this week to pitch in hundreds of millions of dollars in public funding to pay for major renovations to NFL stadiums. A judgment on the deals isn’t as simple as weighing which city will pitch in more money.

The Carolina Panthers and Jacksonville Jaguars joined the NFL at about the same time, and their stadiums are about the same age. They’ll also need to stay in their cities for pre-determined amounts of time as part of the public funding commitments.

While elected officials in Jacksonville heralded their package as “the envy of the sports industry,” Charlotte leaders say they’re confident they got the better deal.

“When you look around the country and you look at other deals in other cities, I believe that what we put forward and voted on was consistent and balanced,” said Council member Malcolm Graham, who chairs the council’s economic development committee.

Council member Tariq Bokhari, who took to social media to raise questions about the Jaguars’ deal, told The Charlotte Observer he thinks Charlotte did a better job making it clear to residents how much money will be spent and where that money is coming from.

“The Charlotte deal is far superior to the Jacksonville deal, and still, in my mind, stands as the best deal that’s been done in the last 15 years,” he said.

How much is Charlotte paying vs. Jacksonville for stadium renovations?

Charlotte and Jacksonville are slated to spend similar amounts on renovations to their cities’ respective stadiums. But there are additional costs for both cities, too.

The deal between Charlotte and Tepper Sports calls for $650 million in public money to be spent from 2025 to 2029 for improvements. The money will come from the city’s hospitality tax revenue. Those dollars come from a 1% sales tax on prepared food and beverages and a 3% hotel occupancy tax, and they can only be spent on certain tourism-related projects.

Charlotte’s new deal also includes an agreement for the city to pay up to $1 million annually to assist with traffic management costs during games and other events at Bank of America Stadium, an increase from the $250,000 the city currently contributes. But Tepper Sports, which owns Bank of America Stadium, will pay Charlotte $500,000 per year “for use of city-owned improvements” at the facility under its new deal.

The city of Jacksonville agreed to pay $625 million for construction at EverBank Stadium. To pay its part, Jacksonville will tap into its capital investment fund, paid for mostly through borrowed money, by shifting other projects to a fund generated by a sales tax increase, according to the Jacksonville Daily Record.

But Jacksonville also will pay $150 million for deferred maintenance and capital improvements during the 2025 and 2026 NFL seasons. The city also will contribute $56 million to areas around the stadium and could end up paying more for work in the area around the stadium, the Florida Times-Union reported.

Like Charlotte’s uptown stadium, EverBank Stadium is located in Jacksonville’s Sports Complex, alongside many of the city’s other teams and close to downtown Jacksonville on the St. John’s River.

How much is Tepper Sports paying vs. Jaguars’ owner?

The Jaguars’ ownership group is slated to contribute $625 million for construction at EverBank Stadium under the team’s new deal.

Charlotte’s new deal calls for Tepper Sports to spend at least $571 million on Bank of America Stadium through the life of the agreement: $150 million for immediate renovations and at least $421 million for anticipated future renovation costs and capital improvements.The ownership group has spent $117 million on the facility since purchasing the Panthers in 2018.

Charlotte’s agreement calls for Tepper Sports to take on any additional costs if the projects go over budget. Jaguars’ ownership must “pay for all cost overruns not caused by the city” under their deal, according to the Daily Record.

What stadium improvements is Charlotte getting vs. Jacksonville?

Jacksonville’s revamped stadium will include something the updated Bank of America Stadium won’t: more shade for fans.

The Jaguars’ plan includes adding a canopy to provide shade and rain protection over every seat that’s similar to the covering on SoFi Stadium in California, ESPN reported.

The Panthers’ plans don’t include adding a dome, retractable roof or partial covering in Charlotte, something common for venues chosen to host major sports championships. Tepper Sports cited Charlotte’s climate when asked why the plans don’t include a roof, and city officials previously noted the high cost of adding one.

“We have to be comfortable with who we are, and I’m comfortable with Charlotte and our ability to lure events. And hopefully the improvements to the stadium, if it’s approved, will give us yet another step forward,” Graham previously told the Observer.

Jacksonville’s plans also include an expanded concourse with observation decks overlooking the St. Johns River, an artificial playing surface and new concessions options, according to the Daily Record.

Planned upgrades to Bank of America Stadium include:

• New seats installed throughout the upper and lower bowls

• Improved accessibility throughout the facility for people with disabilities

• Stadium safety and security enhancements, including improved lighting

• A reimagined South Lawn Pavilion area that can be used as a community gathering spot and outdoor classroom on game days and non-event days

• Upgraded restrooms

• Exterior enhancement

• Modernization of mechanical, plumbing, electrical and HVAC systems

Bokhari called a roof addition “the elephant in the room” for Charlotte but that the city’s climate doesn’t require one, especially given the added cost.

“There’s a lot of reasons not to do that right now for us. And I think we save some money,” he said.

Whose stadium renovations will be done first?

The Jaguars are expected to unveil their revamped stadium before the Panthers. But unlike Charlotte, Jacksonville will move out of its stadium temporarily to make way for renovations.

Work on EverBank Stadium is expected to begin after the 2025 NFL season, with the renovated stadium ready for the 2028 season, ESPN reports. The Jaguars will play with reduced seating capacity in 2026 and move out of EverBank for the 2027 season due to the work.

Tepper Sports’ plan is for the Panthers and Charlotte FC to keep playing their home games at Bank of America Stadium throughout renovations. Construction on the stadium is projected to begin in 2026, after design work is completed, and run until 2029.

Which city got a longer non-relocation agreement?

Charlotte’s deal includes a 20-year non-relocation agreement for both the Panthers and Charlotte FC. Tepper Sports could get out of that agreement in 15 years, though, if it pays the remaining city debt associated with the renovation deal.

Jacksonville’s new agreement with the Jaguars includes a longer tether — a 30-year lease. But like Charlotte’s deal, there’s a caveat, the Daily Record reports. The Jaguars can leave during the first 14 years of the new lease, but they’d have to repay all of the new public money if they do. Once they reach the 15th year of the lease, the buyout drops by 6.25% per year for the life of the lease.

Jacksonville’s new lease agreement takes effect once the stadium reopens, according to ESPN. The team will pay the city of Jacksonville a base rent of $1 million a year.

Bokhari said after doing his own research on Jacksonville’s agreement, he’s even more pleased with the Charlotte deal he voted for.

“I am glad that these happened so close together, because it really articulated in a way that I couldn’t just in words why I thought that our deal was so superior,” he said.