The ownership of MLS expansion aspirants Sacramento Republic FC and Sacramento mayor Darrell Steinberg on Friday unveiled an agreement between the two parties for the construction of a $252.2 million privately financed stadium.
The agreement is contingent on the ownership of Republic FC, currently of the USL Championship, being awarded an MLS franchise. The preliminary term sheet for construction will go to the Sacramento City Council for approval on Tuesday.
As part of those terms, Republic FC would develop 17 acres surrounding the stadium site for a total private investment of nearly $1 billion, the mayor's office has revealed. The club also agreed to make donations of cash, time, equipment, tickets and facilities in the city totaling at least $23 million over the terms of the agreement.