OFFICE OF THE CITY COUNCIL

 

CHERYL L. BROWN                                                                                                        117 WEST DUVAL STREET, SUITE 425

            DIRECTOR                                                                                                                                                                                 4TH FLOOR, CITY HALL

   OFFICE (904) 630-1452                                                                                                                                                          JACKSONVILLE, FLORIDA  32202

     FAX (904) 630-2906                                                                                                                                                                                                               

  E-MAIL: CLBROWN@coj.net

 

Finance Committee Special Meeting Minutes

 

 

Tuesday, August 10, 2010

 

3:00 PM 

 

Council Chambers 1st Floor,  City Hall

Dana Farris,

Chief of Legislative Services

 

 

Daniel Davis, Chair

Legislative Assistant: Jessica Stephens

Warren Jones, Vice Chair (Excused)

Council Auditor: Kirk Sherman

Ronnie Fussell

Asst. Council Auditor: Janice Billy

Michael Corrigan (Arrived 3:11 PM)

Attorney: Peggy Sidman

Kevin Hyde (Excused)

 

E. Denise Lee (Arrived 3:08 PM)

Chief of Research: Jeff Clements

Ray Holt

Administration: Sherry Hall

Jack Webb, Council President

 

 

 

                        Meeting Convened 3:06 PM                           Meeting Adjourned 4:33 PM

 

Attendance:

CM John Crescimbeni

CM Clay Yarborough

 

 

1.  2010-644

ORD Auth a Naming Rights Agreemt among EverBank, Jacksonville Jaguars, Ltd, & the City to change Name of Jax Municipal Stadium to "EverBank Field;" Designate Oversight by JEDC; Request Emerg Apv. (Chastain) (Req of Mayor) (Sponsor - C/P Webb)

Public Hearing Pursuant to Chapt 166, F.S. & CR 3.601 - 8/10/10

 

1. 7/27/2010 CO  Introduced: F

 

 

 

The committee engaged in considerable discussion about the pros and cons of the City forgoing its right to 25% of the naming rights revenues.  A question was raised whether or not the City’s portion of the naming rights revenue was required to be deposited into the Sports Complex Maintenance Trust Fund.  The funds are not required by ordinance to be deposited into that trust fund, but the City needs to fund that trust fund from some source of revenue, so utilizing naming rights funds for that purpose might free up General Fund revenues that might otherwise need to be utilized.

 

Council Member Fussell proposed then eventually withdrew an amendment to ask the Jaguars for a written assurance that the team will stay in Jacksonville for the term of the naming rights agreement as a show of good faith in consideration of the City’s choice to relinquish its 25% share of the revenues.  The committee discussed the possibility of adding a “clawback” provision requiring the Jaguars to return the City’s 25% share of the revenues if the team was to leave the city during the term of the agreement.  Paul Harden representing the Jaguars noted that the team’s stadium lease and the proposed naming rights agreement both contain substantial financial penalties to the team should it decide to leave Jacksonville.

 

Council Member Lee read into the record a series of points illustrating that both the team and the City have made concessions to the other and have undertaken other actions to demonstrate their mutual support for the success of the team in the city.  Council Member Holt asked about any other possible naming rights candidates and was told that there are no other prospects at this time; there is no viable “Plan B”.

 

EMERGENCY/AMEND/APPROVE 5-1 (Fussell)

 

Remove and replace the attached naming rights agreement.

 

 

 

Minutes:  Jeff Clements, Council Research

                 8.11.10

Tapes:      Special Finance meeting– LSD

                 8.10.10

Materials:  Special Finance meeting agenda

     8.10.10