On Wednesday, August 15th, 2018 the Austin City Council approved a resolution which allowed City Manager Spencer Cronk to negotiate and execute a deal with Precourt Sports Ventures (PSV) that would bring a $200 million+ stadium to the city owned land at 10414 McKalla Place.
The final deal was signed and executed on December 18th, 2018. The lease began at 12:00am on December 19th.
The next steps for the club are to select contractors and engineering firms, and begin the process of permitting through the City of Austin’s Economic Development Department.
Summary of Benefits
- Leases the tract of land to PSV for an initial term of 20 years. The City of Austin retains ownership of the land, and, barring any extensions or further agreements, will be able to sell or lease the land once the term is up.
- PSV has the option to extend the lease for an additional 10 years, up to three times. This makes the maximum lease term under the agreement 50 years without further council intervention.
- The stadium will be privately funded, with construction costs borne by PSV.
- Upon completion, the ownership of the stadium will be deeded to the City of Austin.
- The site and stadium will be leased back to PSV for $550,000 a year beginning in year six of the lease.