ANAHEIM -- The Angels reached a deal with the City of Anaheim that will keep them in Anaheim through at least 2050, the club announced on Wednesday.

Anaheim City Council members were briefed on the agreement on Wednesday and will formally vote on Dec. 19. As part of the proposal, the Angels would buy Angel Stadium and the surrounding property of 153 acres from the city for $325 million, while the city would not be responsible for any renovations to Angel Stadium or contribute to the cost of a new stadium. The new lease would run through 2050 with options that could extend it to 2065.

“We appreciate the Mayor’s leadership in working to keep the Angels here in Anaheim, which has been our home for over 50 years,” Angels owner Arte Moreno said in a statement. “Today is the first step in enabling us to invest in our future by building a winning team and delivering a high-quality fan experience.”

Moreno has been working closely with Anaheim mayor Harry Sidhu after the Angels opted out of their deal with the city last year. The original lease was signed in 1996 and lasted through 2029 but the Angels announced last October that they were opting out. The two sides had until Dec. 20 to come up with a new agreement.

“After years of uncertainty, we have a path forward for baseball in Anaheim,” Sidhu said in a statement. “This proposal reflects what we’ve heard from our community by keeping the Angels in Anaheim, bringing money for our neighborhoods and the prospect of more affordable housing, parks and jobs for Anaheim.”

The Angels still have to decide whether to renovate Angel Stadium or build a new ballpark on the property. But they’ve already hired HKS Architects, which helped design the Rangers' new ballpark in Arlington and advised the Dodgers on their renovations. Angel Stadium is the fourth-oldest park in the Majors behind Wrigley Field, Fenway Park and Dodger Stadium.