The Dynamo would put up $60 million. The city and the county are chipping in the remainder $20 million, each giving $10 million.
The stadium would be a municipal stadium shared by the city and county, which would also split the cost of the land. The city has already purchased it for $15 million. The county would pay about half of that.
Thursday's development was only part of the equation to building the stadium.
"This is an important step clearly, but the next two steps are even more important, which is when Houston City Council considers the stadium package and hopefully votes in the affirmative on it and then Harris County Commissioners Court considers that same package and votes on it, hopefully in the affirmative," said Houston Dynamo President Oliver Luck. "That will take us through the middle of April. So this is one in the number of steps, but they are all in the aggregate."
Houston City Council is expected to vote on it on March 31 andthen the commissioners court is expected to vote on it in the middle of April. Groundbreaking could happen as early as October 1. Construction of the stadium would be finished by April 2012.