Anaheim, California, will remain the home of the Angels and Major League Baseball through at least 2050, after an agreement was reached between the city and the franchise that will see the Angels owner purchase more than 150 acres of land—including the teams’ stadium—from the city for $325 million.

The proposed agreement was announced by the city of Anaheim and Mayor Harry Sidhu. It will be considered by the Anaheim City Council on December 20. Angels ownership will officially buy 153 acres of city land, including Angel Stadium, for $325 million–more than $100 million less than the 12-year contract that superstar Mike Trout signed with the club earlier this year.

Once the team owns the land, the Angels would be able to either renovate or build a new stadium with no city funding, as well as build an entertainment district on the surrounding land. The team has committed to stay in Anaheim through 2050, with three five-year options at the end of that agreement.

“We appreciate the mayor’s leadership in working to keep the Angels here in Anaheim, which has been our home for over 50 years,” Angels Owner Arte Moreno said. “Today is the first step in enabling us to invest in our future by building a winning team and delivering a high-quality fan experience.”

Next season will be the Angels’ 55th season in Anaheim following the team’s move to Angel Stadium prior to the 1966 campaign. The stadium, while renovated and updated several times since its opening, is the fourth-oldest in MLB.

Selling the stadium would relieve the city of yearly payments toward stadium improvements and upkeep, which is estimated at $17 million through 2038. The city will forego revenue sharing on ticket sales and parking.

Having the stadium area developed into an area that is more than a place to play games is a trend among sports facilities. The Angels’ neighbor, the Los Angeles Dodgers, is undergoing $100 million of enhancements around Dodger Stadium with fan entertainment areas. Since Camden Yards in Baltimore became the first downtown ballpark that became the center of an entertainment area, many teams across sports have tried to imitate that approach including in Major League Soccer, the NBA’s new facilities in San Francisco and Sacramento, and other MLB stadiums including Pittsburgh and San Diego.

The proposed agreement includes information about developing the area surrounding Angel Stadium, widely reported as a plan termed “L.A. Live on steroids.” A fact sheet published by the city of Anaheim says that part of the land would see apartments, condos, hotels and other entertainment uses as part of a planned Platinum Triangle, an 820-acre area including the stadium, Honda Center and surrounding businesses and apartments.

“As part of including affordable housing, parks and open spaces and a workforce agreement in a master plan for the land, the team’s ownership would be eligible for credits on the final payment for the land,” according to the fact sheet.

The Angels have hosted All-Star Games in 1967, 1989 and 2010, and won the 2002 World Series at home in seven games over the San Francisco Giants.