ANAHEIM (CBSLA) — The Anaheim City Council Friday approved the purchase and sale agreement of Angel Stadium and 153-acres of surrounding land.

The deal, announced earlier this month, calls for the city to sell the stadium and the land to SRB Management Co. LLC, a company controlled and led by Angels Baseball LP owner Arte Moreno.

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The land sale is valued at $325 million, or $2.1 million an acre, which is at the high end of Anaheim’s commissioned independent appraisal for baseball on the land with 12,500 parking spots and potential development.

The purchase and sale agreement is the first step of a three-step proposal that would see the Angels play in Anaheim at least through 2050, potential development around the stadium and potential community benefits.

“After years of uncertainty, I welcome what this step means for our residents, neighborhoods and fans,” Mayor Harry Sidhu said in a statement. “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.”

Officials said the approval was the first step in a three-step proposal for the “future of baseball in the city.”

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More information about the deal can be found on the city’s website.