WASHINGTON, DC—The DC Council in its last meeting of the year approved legislation that spells out the financing for the $300-million DC United soccer stadium.

The bill is expected to be signed by Mayor Vincent Gray sometime next week,

"We are grateful that D.C. United's future in our nation's capital is secure," D.C. United managing general partner Jason Levien said in a statement. "This is a historic victory for the team and its fans, the city, the region and the sport of soccer in this country."

Despite concerns about the $106 million in debt the District will take on to pay for its $150 million share of the project, council members unanimously approved the bill, according to the Washington Business Journal.

"We are making this investment and we all have to work together to make sure we can continue to meet the infrastructure needs of our city," says Councilwoman Muriel Bowser, who will be sworn in as mayor on Jan. 2.

Under the stadium agreement, the district will finance land acquisition and site preparation to a soft cap of $150 million. D.C. United will finance the stadium construction. The goal is to have the stadium finished in time for the 2017 season. See story in the Washington Business Journal.