Austin and PSV finalize soccer stadium deal; MLS team to kick off in 2020 or 2021

The deal between the city of Austin and Precourt Sports Ventures for a Major League Soccer stadium is complete.

In a Wednesday morning city memo, Deputy Chief Financial Officer Greg Canally said the two sides have finalized and executed a lease and development agreement for McKalla Place, a 24-acre city-owned property in North Austin, just south of The Domain.

The stadium agreements fall in line with the terms approved by City Council in August, Canally wrote.

“This agreement minimizes city riskā€¦