The Jaguars and the city of Jacksonville have agreed to a $1.4 billion "stadium of the future" that would keep the franchise in the market for another 30 years.

The proposal calls for each side to contribute $625 million to the $1.25 billion project. Jacksonville, which won't levy any new taxes to pay for the rebuild, would chip in another $150 million to get EverBank Stadium ready for construction in 2026.

The plan was presented at a city council meeting Tuesday. Councilmembers are expected to vote on it in late June, with a simple majority of the 19 members needed to pass. It would then advance to the NFL owners meeting in October, where 24 of 32 votes would be needed for final approval.