ANAHEIM (CBSLA) – The Anaheim City Council early Wednesday morning approved a finalized deal to sell Angel Stadium to the team’s owner for $150 million in cash, in exchange for a commitment to keep the team in Anaheim for at least the next 30 years.
The deal, which was unveiled back in December, will see Angels owner Arte Moreno’s company SRB Management purchase both the stadium and the surrounding 150 acres for a total of $320 million, broken down into a $150 million cash payment and $170 million in residential development, the city reported in a news release Wednesday.READ MORE: People Making A Difference: Local Nonprofit Provides Services To Seniors Facing Social Isolation
In exchange, the Angels agree to stay in Anaheim through 2050, with an option to extend that for another 15 years on top of that.
Under the revised terms of the deal, Moreno will pay $150 million in cash in installments, including a $45 million portion due in October. Moreno had already made a $5 million payment back in December.READ MORE: Disneyland Online Reservation System Experiencing Long Delays
The remaining $170 million will come in the form of a residential development project which will include 466 apartments to the tune of $123.7 million, and a seven-acre public park for $46.2 million.
The land will also be developed with homes, offices, hotels and restaurants.
The Los Angeles Angels have played in Anaheim since 1966. Their future in Anaheim had been in flux since the team opted out of its lease back in October of 2018.MORE NEWS: OC COVID-19 Trends Continue In Positive Direction As Vaccine Eligibility Opens To Those 16+
“We have made history,” Anaheim Mayor Harry Sidhu said in a statement. “What have been far too many years of uncertainty and inaction in Anaheim are now over. We have secured baseball while freeing our city from the costs of stadium ownership. Our residents will benefit for years to come as valuable, underutilized land gives way to a stadium area we can all be proud of.”