AUSTIN, Texas -- The City of Austin and Precourt Sports Ventures have come to an agreement on bringing an MLS stadium to North Austin.
Resident, Tyler Rawlings is excited about the possibility.
"Having a soccer stadium where we can bring our kids and enjoy soccer would be a lot of fun," Rawlings said.
The City and PSV spent months going back and fourth on where the stadium would be built and how.
"The City had outside lawyers and outside consultants and city staff, and we had our team and we negotiated the term sheet," said Richard Suttle, attorney for PSV.
The 25-page term sheet states the stadium will be housed on the McKalla Place property, located near Braker and Burnet Road, which has been vacant for more than two decades. The cost of construction will fall on PSV, but the completed stadium will be donated to the City and rented out for $550,000 annually after year six of the 20-year lease, which can be extended.
There will be 1,000 parking spaces on-site and the club must find other options for off-site parking and transportation. A portion of the 24-acre land will be used to fill a growing need.
"Part of what was important to the City is affordable housing, part of the community benefits that this brings is that we are contributing a lot of money to affordable housing," said Suttle.
There will 130 affordable housing units on-site. The city is also requiring the company to make millions in other donations to local charities and soccer clubs.
To read the full term sheet, click here.
City Council will hold a public meeting Wednesday, August 1. A vote could come next week.
CONTINUING COVERAGE:
City Council votes to bring MLS to Austin
Messages of support, protest surface regarding MLS