The problem with paying for a new stadium, or major stadium improvements, is that we don't know for sure if the Jaguars will stay in town. If we pay hundreds of millions for stadium improvements, or even a billion for a new stadium, and the Jaguars move, we will have wasted a whole bunch of taxpayer money.
So here's what I would do. I would ask Shad Khan to loan the money to the city for the major stadium improvement. Make it a 30 year loan, principal and interest paid annually. Make the interest rate above the market rate, so Khan benefits. He makes more money than he would in a different investment.
Here's the key provision: If the Jaguars move away from Jacksonville, any remaining principal balance is cancelled.
Jacksonville gets a guarantee, Khan gets a good interest rate, and everyone wins.
If he balks at the idea, well then, what would that tell us?
(12-10-2019, 09:06 AM)The Real Marty Wrote: [ -> ]The problem with paying for a new stadium, or major stadium improvements, is that we don't know for sure if the Jaguars will stay in town. If we pay hundreds of millions for stadium improvements, or even a billion for a new stadium, and the Jaguars move, we will have wasted a whole bunch of taxpayer money.
So here's what I would do. I would ask Shad Khan to loan the money to the city for the major stadium improvement. Make it a 30 year loan, principal and interest paid annually. Make the interest rate above the market rate, so Khan benefits. He makes more money than he would in a different investment.
Here's the key provision: If the Jaguars move away from Jacksonville, any remaining principal balance is cancelled.
Jacksonville gets a guarantee, Khan gets a good interest rate, and everyone wins.
If he balks at the idea, well then, what would that tell us?
It would tell you billionaires don't get where they are by giving up leverage when they hold all the cards. There is zero need for Shad to do that in his mind, and we already know Shad doesn't really care what the PR is among fans or the city as long as he's making money.
Why would he consider this ? You know, with everyone "Breaking up with the team" and all that. Buuuwwwaaaaaa!!
Well, at the very least, I would not want the city to spend a huge amount of money on the stadium without having the Jags sign an iron clad lease. Otherwise, we could have a billion dollar boondoggle.
We're not going to build a new stadium for a team we don't want to stay here.
Shad Khan is not going to tie up 15% of his net worth in a loan to the city of Jacksonville. He will get a much better ROI selling bumpers for Tesla Cybertrucks.
(12-10-2019, 09:06 AM)The Real Marty Wrote: [ -> ]The problem with paying for a new stadium, or major stadium improvements, is that we don't know for sure if the Jaguars will stay in town. If we pay hundreds of millions for stadium improvements, or even a billion for a new stadium, and the Jaguars move, we will have wasted a whole bunch of taxpayer money.
So here's what I would do. I would ask Shad Khan to loan the money to the city for the major stadium improvement. Make it a 30 year loan, principal and interest paid annually. Make the interest rate above the market rate, so Khan benefits. He makes more money than he would in a different investment.
Here's the key provision: If the Jaguars move away from Jacksonville, any remaining principal balance is cancelled.
Jacksonville gets a guarantee, Khan gets a good interest rate, and everyone wins.
If he balks at the idea, well then, what would that tell us?
Sounds nice in theory. The problem is neither the city nor Khan would possibly go for it. I could see a possible private/public financing option if Khan was willing to come up with enough capital to get it started, maybe a private bond issue by a partner and then the city kicking in 300-400 million. Jax can't afford to build a billion and a half stadium on it's own.
(12-10-2019, 09:06 AM)The Real Marty Wrote: [ -> ]If he balks at the idea, well then, what would that tell us?
That he doesn't like the idea of fronting a billion smackeroos in hopes that a city that's already broke can figure out how to pay him back someday?
(12-13-2019, 06:49 PM)TJBender Wrote: [ -> ] (12-10-2019, 09:06 AM)The Real Marty Wrote: [ -> ]If he balks at the idea, well then, what would that tell us?
That he doesn't like the idea of fronting a billion smackeroos in hopes that a city that's already broke can figure out how to pay him back someday?
It's just that he's a smart businessman, that's all.
We don't need a new stadium. The amount of money he invested pimping it out with giant video boards, pools, cabana's and making the "experience" better for out of town opponent's fans was enough to potentially address some of the primary complaints with it being hotter than seven hell's in September and October during certain home games.
Could have invested in creating giant awnings along the stadium, etc.
At this point? I don't care if they stay or go. Khan hasn't really shown the chops nor charisma to be a good NFL owner. This team since 2000 has been one of the worst products fielded anywhere in the NFL. We're right up there with the Browns and Raiders when it comes to ineptitude. He can ask London to pay for his new stadium. I don't give two [BLEEP] anymore. Just a year ago he was willing to put a bid in for Wembley Stadium. He was willing to fork over 600M in euros and invest another 400M in euros for soccer reportedly.
Basically 1B worth of his networth for Wembley Stadium and a grassroots effort made to improve soccer again in the London area.
But yeah, let's foot the majority of the bill in Jacksonville where they're still [BLEEP] around with construction and causing mass bottle necks of traffic during the 1700 - 1800 hour rush period. [BLEEP] him. That stadium could be built like a high school level stadium that seats 60,000 people with [BLEEP] kiddie pools to dip your feet in for all I care.
Just win! [BLEEP] win! That's all the fans want! A [BLEEP] winner! [BLEEP] the fan experience on the TV screens. [BLEEP] fantasy football updates and highlights. We just want to see a winner on Sunday's (And god forbid, Sunday night's or Monday's when they actually develop a following on a national level nationwide. . . not across the pond).
(12-13-2019, 06:49 PM)TJBender Wrote: [ -> ] (12-10-2019, 09:06 AM)The Real Marty Wrote: [ -> ]If he balks at the idea, well then, what would that tell us?
That he doesn't like the idea of fronting a billion smackeroos in hopes that a city that's already broke can figure out how to pay him back someday?
Well of course a prerequisite for doing anything with the old stadium, or building a new stadium, would be that the city can actually afford it. If we were broke and couldn't afford it, then I would say forget it. And why would Khan ask the city to pay for a new stadium if the city is broke, anyway? The answer is,
we're not broke.
All I'm saying is if I were running the city, before I committed huge amounts of money to a stadium, I would want a solid guarantee that it will be used, and that the team would not move. A solid lease with enforceable penalties for moving the team would be a requirement. And the penalties would have to be large enough to make up for the loss to the city if they put up a huge amount of money for a stadium that winds up abandoned.
(12-14-2019, 09:27 AM)The Real Marty Wrote: [ -> ] (12-13-2019, 06:49 PM)TJBender Wrote: [ -> ]That he doesn't like the idea of fronting a billion smackeroos in hopes that a city that's already broke can figure out how to pay him back someday?
Well of course a prerequisite for doing anything with the old stadium, or building a new stadium, would be that the city can actually afford it. If we were broke and couldn't afford it, then I would say forget it. And why would Khan ask the city to pay for a new stadium if the city is broke, anyway? The answer is, we're not broke.
All I'm saying is if I were running the city, before I committed huge amounts of money to a stadium, I would want a solid guarantee that it will be used, and that the team would not move. A solid lease with enforceable penalties for moving the team would be a requirement. And the penalties would have to be large enough to make up for the loss to the city if they put up a huge amount of money for a stadium that winds up abandoned.
How many teams have moved due to lack of support from the fans? If memory serves me correctly, the teams which have moved did so over stadium issues. If Khan wants to cloak the continuous abysmal performance of this team as a stadium issue, it will be difficult to find a city who won't see through it. This organization has a history of 'the suck' and no one wants that. Khan needs to have a heart to heart with the city and come to an agreement; if we build a proven winning team, you address the stadium issues - whether it be a new one, or heavy modification to The Bank.
Also, if i know Shad like I think I do he won't just want A stadium. He'll want some groundbreaking design with all the bells and whistles attached to get as much daily use out of it as possible.
Meaning it will be super expensive
(12-14-2019, 04:32 PM)JackCity Wrote: [ -> ]Also, if i know Shad like I think I do he won't just want A stadium. He'll want some groundbreaking design with all the bells and whistles attached to get as much daily use out of it as possible.
Meaning it will be super expensive
It'll have a pharmacy incase you get a migraine mid game or post game. Along with a sandwich shop that specializes in making magic out of lunch meat. Unlike Marrone and his staff.
Then a water slide area, hammocks in another area and TV's built into the back of each seat so you can have a better fan 'experience' when your team looks like a dirty sanchez instead of a proud mustache.
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(12-14-2019, 09:27 AM)The Real Marty Wrote: [ -> ]Well of course a prerequisite for doing anything with the old stadium, or building a new stadium, would be that the city can actually afford it. If we were broke and couldn't afford it, then I would say forget it. And why would Khan ask the city to pay for a new stadium if the city is broke, anyway? The answer is, we're not broke.
All I'm saying is if I were running the city, before I committed huge amounts of money to a stadium, I would want a solid guarantee that it will be used, and that the team would not move. A solid lease with enforceable penalties for moving the team would be a requirement. And the penalties would have to be large enough to make up for the loss to the city if they put up a huge amount of money for a stadium that winds up abandoned.
Re: not being broke, the scrapping of city pensions and pending privatization of JEA, regardless of whether or not I agree with those moves, is not something that a healthy city has to do. It doesn't take too hard a look to see what's happening with Jacksonville's property values, where the city is growing, where it's not growing, where they're shooting off residents faster than they can add them, etc. Jacksonville might not be *broke* broke, but it is a city in enough danger of going Detroit that no intelligent businessman would extend it a one billion dollar loan.
(12-14-2019, 01:09 PM)homebiscuit Wrote: [ -> ]How many teams have moved due to lack of support from the fans? If memory serves me correctly, the teams which have moved did so over stadium issues. If Khan wants to cloak the continuous abysmal performance of this team as a stadium issue, it will be difficult to find a city who won't see through it. This organization has a history of 'the suck' and no one wants that. Khan needs to have a heart to heart with the city and come to an agreement; if we build a proven winning team, you address the stadium issues - whether it be a new one, or heavy modification to The Bank.
LA jumped for the Chargers. Vegas couldn't wait to get their hands on the Raiders. Baltimore lured away the Browns and Indianapolis the Colts for fart's sake. Cities don't care if a team is any good. They just want the team. The Jaguars being terrible wouldn't for a second stop a city like St. Louis, Toronto, San Antonio or London snatching them up if a suitable stadium was in place.
(12-14-2019, 04:32 PM)JackCity Wrote: [ -> ]Also, if i know Shad like I think I do he won't just want A stadium. He'll want some groundbreaking design with all the bells and whistles attached to get as much daily use out of it as possible.
Meaning it will be super expensive
Which will be a likely excuse.