The Baylor bears could soon have a new home to show off during the Big 12 Conference.
A 35-million dollar grant to help build the stadium is up for a vote by the Waco City Council.
This is expected to bring billions to Waco and at this moment, it has overwhelming support.
Even though it comes with a big price tag, the new stadium is expected to jumpstart the local economy.
The new Baylor sports complex is said to be a wowing sight that will change the quality of life for people not only in Waco, but also McLennan County.
Baylor President Ken Starr said it's an investment that will spur long term growth in Waco.
"Obviously we've been in close conversation with the city, but this is just encouraging and we think a great step forward for the city of Waco and obviously Baylor University. We're very thankful," said Starr.
With river front opportunities that include a public lagoon, marina, and auditoriums, the new facility is expected to bring in more than 6,000 jobs in the first year and will draw in more than 10-million dollars over 20 years.
But the 250-million dollar price tag is too much for Baylor.
That's why the city is stepping in to help make it possible.
"This money does not come from the city budget, it does not come from the county budget, or the school district, it is money that's already designated to be reinvested in this loan and approved by the property owners in the zone," said Waco Mayor Malcom Duncan.
Mayor Duncan stressed these funds won't come out of taxpayers' pockets.
"The money that's being contributed from the tax increment district is actually money that's paid for by the property owners in the district, its not being taxed on the citizens of Waco, this money has been accumulated in that fund for 30 years we got another 10 years of life before it expires," said Mayor Duncan.
The grant will go to support the public infrastructure like streets, sewage, and water.
The second reading is set for next month, once that's approved the city will begin working with Baylor for the legal partnership and all the details, along with plans for working with local sub contractors.
Although the city's committee past the plan on to the second reading that doesn't mean this is a done deal.
Tuesday's council meeting was a "work session" where the new stadium was proposed and presented to the city.
Council member still have to approve the ordinance during a second reading, then it will be able to go on to the next step, motion on ordinance, where the city council will have a final vote.
