The Jacksonville City Council voted 14-1 Tuesday night to approve an agreement between the Jaguars and the city on a $1.4 billion renovation of EverBank Stadium.

That brings the Jaguars one step closer to securing the long-term stability of the franchise, with the final hurdle getting the agreement approved by 24 of the NFL’s 32 owners at the league’s meetings in October in Atlanta.

If that happens, construction is scheduled to begin after the team’s 2025 season concludes and will finish in time for the 2028 season.

“This is a historic day for our city,” Jacksonville Mayor Donna Deegan said. “As I said to the council, this is what we can do when we all row together and we focus on a goal together.

The Jaguars and the city have agreed to each contribute $625 million to the renovation, but the city also has agreed to pay $150 million over the next two seasons on maintenance and repairs to prepare the stadium for construction. That means the city will be responsible for 55% of the total cost.

In addition, the agreement calls for Jaguars owner Shad Khan to be responsible for cost overruns of the renovation as well as 80.4% of the game-day expenses.