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JACKSONVILLE, Fla. -- Mayor Alvin Brown announced Saturday that the city of Jacksonville will save taxpayers almost a $1 million annually by extending their contract with Spectacor Management Groupfor another three years.

The mayor revealed the terms of the new contract with Jaguars owner Shad Khan at a 1 p.m. media briefing on the steps of Jacksonville's City Hall.

SMG will provide the City with an immediate $1 million capital contribution, establish a $500,000 fund to attract and promote events at city facilities and establish benchmarks for the company's performance, according to a press release the Mayor's Office.

"Our hard working taxpayers deserve savings and accountability," said Mayor Brown. "This agreement provides both. It will help us make Jacksonville one of the top sports and entertainment destinations in the nation and world. I am very proud to have worked with Shad Khan to make this achievement possible. Today is a great day not only for taxpayers and fans but also for the partnership between the City of Jacksonville and the Jacksonville Jaguars."

SMG has agreed to reduce its yearly management fee from $934,252 to $100,000 and reduce its yearly incentive fee from $246,081 to $100,000, according to the mayor's office, adding up nearly a $1 million in savings.