The Jacksonville Jaguars revealed a proposal for their new stadium, arriving nearly a year since the first announcement of a relocation was discussed.

Originally, the team announced that their “Stadium of the Future” would surpass $2 billion in funding, promising a “transformation of downtown Jacksonville.” Renderings shared last year showed a revamped TIAA Bank Stadium, which is publicly owned, however, the pricing prompted questions regarding final costs and an official construction timeline.

Now, the NFL team presented a stadium renovation agreement at a city council meeting last week with Jacksonville Mayor Donna Deegan. The proposal still needs approval from the council, though it offered a plan where the city would contribute $775 million towards renovations for EverBank Stadium, while the team would fund the remaining $625 million. This would bring the total to a significantly lower cost than previously estimated at a projected $1.4 billion.

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Under the new plan — if approved — the Jaguars would play the 2025 and 2026 seasons at EverBank Stadium. Then, they would relocate in 2027 before the venue opens in 2028. Additionally, the team would sign a 30-year lease extension with a specific non-relocation clause to remain in North Florida.

The Jaguars will still play games internationally under the new plan, with one home game per season in the U.K. This October, the team will play two games in London.

On Monday, the City of Jacksonville and the Jaguars will host their third community meeting, allowing locals to give their input on the proposed stadium renovation deal. Mayor Deegan and Jaguars’ President Mark Lamping are set to be in attendance.

Mayor Deegan expressed her optimism towards the deal over the weekend, telling News 4 Jax on This Week in Jacksonville “I feel great about it.”

“It is a really good and fair deal for Jacksonville citizens, which we promised we would deliver for the Jaguars and really for the entire community,” Deegan said.