New York City has reportedly reached an agreement with MLS' newest franchise, the New York City Football Club, to build a $400 million stadium in the Bronx. Capitol New York reports that the stadium will be located on a 10-acre site just south of Yankee Stadium on three parking lots and an elevator parts warehouse.

According to Capitol New York, it doesn't look like NYC will be putting down any hard cash in the deal, but the city will be issuing tax-exempt bonds to finance the project along with providing NYCFC 38 years of free rent and $21.5 million in other tax waivers.

The agreement has been agreed up on by Mayor Bloomberg, but Mayor-elect Bill de Blasio will have to finalize the deal. Capitol New York estimates that NYCFC's first game in their new stadium could be played by the spring of 2018.

NYCFC will play their first game in 2015 and will play home games in Yankee Stadium until their new stadium is ready.

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