The Metro Sports Authority on Thursday voted unanimously to approve a $225 million bond resolution for a new Major League Soccer stadium at the city's fairgrounds, clearing one more step before Mayor Megan Barry's proposal heads to the Metro Council next month.

After around six minutes of discussion, the sports authority signed off on a deal to issue up to $225 million in revenue bonds for a 27,500-seat stadium that carries a $250 million overall price tag. The sports authority would own the facility if it is built.

"This is the best sports proposal, from the city's perspective, that we've seen," said sports authority member Dudley West. "The city has minimal financial risk. I think It's a good opportunity for the city."

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The action by the sports authority — whose overwhelming support had been expected — is not binding, but it does mark a necessary hurdle to move the proposal forward.

The council is scheduled to take up the same $225 million bond resolution on Nov. 7, in what will be the decisive vote for the project proposed by Barry and an MLS ownership group led by Nashville businessman John Ingram.

Thursday's vote came after the Metro fair board earlier this week approved a resolution recommending the sports authority and council approve bonds for the project. Moving forward, the sports authority would need to still approve a lease agreement with the fair board for the stadium to be built

Bonds for the project would only be issued if Nashville is awarded one of two MLS expansion franchises that the league plans to announce in December.

Vice Mayor David Briley has organized a public hearing on the MLS proposal that will take pace Oct. 24 at 6 p.m. at the fairgrounds. It comes one week after advocates of the fairgrounds slammed the soccer stadium proposal during a public comments period before the fair board last week.

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Under Barry’s stadium financing plan, in addition to the $225 million in revenue bonds for the stadium, Metro would issue an additional $25 million in general obligation bonds for fairgrounds infrastructure upgrades, and another $25 million for fairgrounds facility improvements including new buildings to replace dilapidated structures that would be torn down.

The ownership team, under a 30-year stadium lease agreement, would pay the city $25 million in cash and $9 million a year to pay off Metro’s stadium debt. Sales tax revenue and dollars from a ticket tax would make up the additional $4 million in annual $13 million debt payments.

Metro would be on the hook to pay the difference if the sales tax and ticket tax revenue fall short.

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Reach Joey Garrison at 615-259-8236, jgarrison@tennessean.com and on Twitter @joeygarrison.