PGE Park one step closer to being a MLS stadium

PORTLAND, Ore. - The City of Portland has officially agreed to the financing plan to remodel PGE Park for Major League Soccer.

The city reached a deal with team owner Merritt Paulson Thursday morning.

The project will cost millions of dollars.  Paulson has agreed to cover nearly $20 million of the costs and the city would cover $8 million, which would come from taxes paid by fans buying tickets.

The city is still looking for a place to build a stadium for the city's minor league baseball team, the Portland Beavers, which would have to move out of PGE Park.

The City Council plans to vote on the final deal on July 23.  That's when the contract is signed and then there is no turning back on renovating PGE Park. Until then, the city can still change its mind.