The Anaheim City Council voted 4-2 Friday evening to approve a purchase and sale agreement for 153 acres of land including and around Angel Stadium, the first step in a three-step proposal that would keep the Los Angeles Angels in Anaheim through at least 2050.

The purchase and sale agreement calls for the city to sell the stadium and land to SRB Management Co. LLC, which is controlled and led by Angels owner Arte Moreno.

The approval of the purchase and sale agreement will see a $5 million deposit from SRB Management due to the city in coming days. The deposit will be the first of $70 million in deposits toward the $325 million purchase price called for under the proposal, according to Mike Lyster, Anaheim’s chief communications officer.

A final cash payment could see an adjustment for community benefits sought by the city and provided as part of development around the stadium, Lyster said.

The sale agreement covers Angel Stadium and 133 acres surrounding the stadium, including 12,500 parking spaces for games and events and City National Grove of Anaheim, a 1,700-seat theater.

“After years of uncertainty, I welcome what this step means for our residents, neighborhoods and fans,” Anaheim Mayor Harry Sidhu said. “For everyone who said keep the Angels in Anaheim, this proposal would do just that.

“For those who wanted to see a deal at a fair market price, this proposal is that. For those who wanted something better than what we have now, this proposal promises to be that.”

In early 2020, the city and Angels will discuss a disposition and development agreement for the land, a community benefits agreement and the formal details of an Angels commitment agreement. Those proposals would go before the City Council for public consideration in spring to mid-2020, Lyster said.

The final stage of the proposal would be city review and approval of a master site plan and final tract plans potentially around 2023 to 2025. At that time, all agreements within the larger proposal, including the purchase and sale of the stadium and land, would finalize, Lyster said.

The deal clears the way for the Angels to renovate the stadium or build a new one.

Plans may also include development of apartments, condominiums, hotels and entertainment uses within the city’s Platinum Triangle area. City officials anticipate at least $7 million annually in revenue from various taxes.

The city bought the land for $4 million in 1964 to build the stadium, which opened in 1966. The project cost $24 million with a significant renovation in 1998 that cost $120 million.

The average annual income from the team to the city is $1.35 million. The city receives $100,000 to $400,000 annually from the City National Grove of Anaheim, an arts center on the property. The city loses that income in the proposed deal.

City officials estimate the value of the property is $300 million to $320 million if developed, and estimate $500,000 annually in property tax revenue from the stadium property.

They also projected $3.5 billion in construction over 15 years, 18,000 construction jobs, $1.5 billion in wages and 12,000 indirect jobs generated in the local economy.

When the project is fully developed, the city projected 15,000 permanent jobs, $1 billion in annual wages, 8,000 indirect jobs generated in the local economy, $5 billion in assessed value and $20 million in annual taxes to the city.

Angels Chairman Dennis Kuhl told the council, “As you know, Anaheim is our home, we’ve been here for over 50 years. We’ve been committed to the community, we take our role in the community very, very seriously.”

Kuhl recounted how owner Arte Moreno and his wife started the team’s charitable foundation in 2004, doling out millions of dollars to various causes.

“A lot can happen in three more decades,” Kuhl said. “We’re here for you. This agreement is important. It keeps us here. We’re looking to create a destination that will attract visitors and baseball fans for decades to come.”

Former City Councilwoman Kris Murray, wearing a team jersey, encouraged the council to support the deal. She argued that in many other cities taxpayers were asked to pay for bonds to build a new stadium.

“Here, we have an owner willing to invest upfront in our community,” Murray said. “We have a team willing to stay and invest in our community… and an owner putting all that money up front rather than financing with bonds.”

Many other residents questioned how the council could move ahead with the deal without knowing more details. Others decried how the team changed its name in 2005 from the Anaheim Angels to Los Angeles Angels of Anaheim. The “of Anaheim” portion was dropped following the 2015 season.

A motion changing team name back to Anaheim Angels to be part of negotiations going forward was rejected Friday by a 4-2 vote.

Members of the Anaheim Performing Arts Center Foundation raised questions about how the deal might affect an agreement they negotiated with the city to develop about 12 acres of land next to the stadium where the Grove of Anaheim is located.

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