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The city of Jacksonville is nearing an agreement with the Jaguars on an incentives package for development of a parking lot on the southwest side of TIAA Bank Field.

According to Mike Mendenhall of the Jacksonville Daily Record, Mayor Lenny Curry said earlier this week the two sides were “verbally close on an agreement” that would help pave the way for development of the site.

The intended project, which would be carried out by Jaguars owner Shad Khan’s development company, is set to included a small arena venue, hotel, 300-unit residential tower and an office building.

Discussions have been ongoing since April and a plan is expected to be presented to the Jacksonville City Council by the end of the summer. If approved, the project would have an anticipated starting date of early next year following the conclusion of the upcoming season.