SACRAMENTO (CBS13) — Sacramento is one step closer to securing a spot in the MLS. Sacramento Republic officials and the city of Sacramento have come to an agreement on a new stadium deal.
Members of the ownership group, along with mayor Steinberg, will announce the new term sheet Friday before it is presented to the city council on Tuesday.
The city officials are proposing a $33 million package of fee waivers, tax rebates, advertising rights, and infrastructure financing to boost the plans for a downtown stadium. The term sheet states a viable plan for construction of a new stadium is necessary for Sacramento to secure an expansion team.
Part of the deal includes that the team’s main training facility will be in the City of Sacramento and will host an MLS Youth Academy program.
Unlike with the construction of the Golden 1 Center, the city will not be paying for the construction of the stadium. It will be financed by the investor’s group, spearheaded by primary investor Ron Burkle.
The deal will be presented to the City Council on Tuesday.