The city of Jacksonville, which back in June announced that it would be spending $43 million on new scoreboards for the Jaguars but it didn’t know where the money would come from, now appears to have found $43 million under the sofa cushions:
The city’s share will come from the Sports Complex Capital Maintenance Fund, which is already being directed towards the stadium. … The city will issue bonds for its $43 million share and then pay off those bonds with the money put into the maintenance fund, approximately $4 million to $5 million annually. The Sports Complex Capital Maintenance Fund gets its money from a 2 percent tax on hotel guests, part of the 6 percent hospitality tax levied by the city. The fund was established in 2009.
Only one problem: As the Florida Times-Union previously reported, using the maintenance fund for capital improvements means it’s not there for maintenance, and there’s already “a long list of stadium maintenance upgrades” that need to be done. None of the press coverage of yesterday’s announcement bothered to mention that, but then, when you have a media universe where ESPN runs the headline “Khan kicks in $20M to help stadium” when the Jaguars owner already promised that months ago — and it’s less than half what the public will be kicking in — we’re not exactly talking prize-winning journalism here.