The Jacksonville Jaguars and the city of Jacksonville have reportedly agreed to a $1.4 billion renovation project for EverBank Stadium that would include a 30-year lease, according to the Associated Press.

Per that report, both the organization and the city will each contribute $650 million to the project, though the city reportedly "won't levy any new taxes to pay for the rebuild."

Additionally, the city of Jacksonville will contribute an additional $150 million to get EverBank Stadium ready for its renovation construction, which will start in 2026.

Per the AP, new features will include "a translucent covering that's the equivalent of 'wearing shades in the sun,' team president Mark Lamping said. It's expected to lower outside temperatures by 15 degrees. The stadium plan also includes 140 percent more concourse space, 190 new points of sale, 16 new escalators, 12 new elevators and 12 new restrooms."

The stadium capacity would be 63,000 fans, with the ability to raise that to 71,500 for major college football or Final Four contests.

The team will play through the 2025 season in its current setup before construction commences. The organization will then play in front of reduced crowds in 2026 while construction on the upper bowl takes place and will take shelter at a temporary home in 2027, either at Orlando's Camping World Stadium or the University of Florida in Gainesville.

Alongside the 30-year lease, the deal also includes a non-relocation clause and requirement that the Jags play all preseason and postseason games in Jacksonville. The team would continue to play one regular season game in London and potentially a second overseas game once every four years if the NFL mandates it.

The AP reported that team owner Shad Khan would handle "all construction cost overruns, assume day-to-day operations of the stadium and take on the majority of game-day expenses moving forward."

The agreement still requires the approval of both Jacksonville's Councilmembers and NFL owners. The former still needs a simple majority of 19 Councilmembers to pass, while the latter requires the approval of 24 of the NFL's 32 owners.