This week marked an important step forward in the future of Alameda County, the Oakland A’s, and the historic Coliseum site. On Tuesday, the Alameda County Board of Supervisors voted unanimously to approve a preliminary agreement for the A’s to purchase the county’s 50% stake in the Coliseum site. The deal represents our shared desire to generate transformative fiscal, economic and community benefits for the people of East Oakland and Alameda County.

This agreement is a significant win for Alameda County taxpayers. The A’s will pay $85 million to the county, providing a significant infusion of capital that will, among other things, retire the $65 million in debt stemming from the past agreement with the Oakland Raiders. The deal effectively removes the county from the sports business, freeing up county resources that can in turn be focused on pressing issues such as homelessness, and supporting our most vulnerable populations.

The redevelopment of the 111-acre Coliseum site by the A’s will lay the groundwork for catalytic job creation and economic development. The A’s estimate a total infusion of private investment in the range of $1 billion that will generate thousands of construction and permanent jobs. Just as important, the A’s are determined to keep these benefits local. Last year, the A’s made major commitments to ensure the project is built with union labor, protects current workers, and gives local workers and businesses — especially those in the immediately adjacent East Oakland neighborhoods — preference and priority in hiring and contracting decisions. The A’s know our community needs more quality, stable, living-wage jobs and benefits, and they are stepping up to the plate. Further training, workforce development, and apprenticeship opportunities will also be integral to the plan.

This plan will also deliver real, transformative benefits for the entire community. The A’s vision for the site includes a significant number of housing units, many accessible to those in need of affordable, workforce, and transit-oriented housing solutions. The project will address much-needed enhancements to site infrastructure, such as roads, sidewalks and utilities in need of repair and improvement. Sustainability will be core to the vision, with strong commitments made to “green” (environmentally responsible) building, and an inspired plan to provide new parks and open spaces. Additionally, the plan calls for new retail and shopping amenities catering to local resident needs; new youth job opportunities; and new platforms to celebrate local artists.

Moving forward, the A’s and the county will work to finalize the agreement. At the same time, the A’s will shift greater attention to the critical ongoing dialogue with the city of Oakland, whose 2015 Coliseum Area Specific Plan will guide land-use discussions and decisions moving forward. The A’s included a robust community benefits agreement as part of last May’s exclusive negotiating agreement with the city that was approved by the City Council. Once this deal is finalized, with the county out of the way, the A’s will have the ability to negotiate directly with the city on the remaining 29 acres of Coliseum land it owns separately, rather than continuing with a challenging three-party negotiation. This clears the way to develop an A’s community benefits plan that will support the city to its fullest.

The A’s are the last remaining team committed to Oakland. This deal will ensure our hometown team will stay and have control over its destiny. It is the right deal, at the right time, with the right partner.

This is an exciting and hopeful moment for the A’s, the county, and East Oakland. Few communities in our city are more deserving of this kind of historic infusion of opportunity, creativity, and collaboration. The residents and neighborhoods that have served as host to the A’s for 50 years have earned their turn at the plate. It’s our solemn responsibility and sincere commitment that, for their benefit and ours, we knock it out of the park.

Nate Miley represents District 4 on the Alameda County Board of Supervisors. Dave Kaval is president of the Oakland A’s.