SACRAMENTO (CBS13) – Republic FC and the City of Sacramento have come to an agreement on a privately funded stadium deal at the Downtown Railyards.

Sacramento officials along with members of the Republic FC ownership group officially announced the deal in a conference at the railyards location on Friday.

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According to the preliminary term sheet, the deal would allow for construction of a $252.2 million stadium at the Railyards. About 17 acres surrounding the stadium site will also be developed as part of the deal.

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Officials note the deal is contingent on Republic FC getting an MLS franchise.

“Now it’s time to show Major League Soccer that the businesses and fans in Sacramento stand strongly behind our Republic,” Mayor Darrell Steinberg said on Friday.

Approval of the preliminary term sheet will be voted on during the Sacramento City Council meeting on Tuesday.

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The MLS Board of Governors will meet later in April. Sacramento is competing against St. Louis, Phoenix and Detroit, among several other smaller bids, for an MLS expansion team.