BallCorps LLC confirmed Tuesday what has been widely known: It has started the process to move the Mobile BayBears minor league baseball team to Madison.

The city of Madison and BallCorps announced the official signing of a lease, license and management agreement Tuesday afternoon.

The detail of moving the BayBears north on I-65 to Madison was included within the announcement. Previously, officials on both sides would not comment about the BayBears.

BallCorps purchased the BayBears last year. They will continue play at Hank Aaron Stadium in Mobile through the 2019 season, then move to a new $46 million, 7,000-seat ballpark in Madison for the 2020 season.

There are still several steps remaining before professional baseball will be played in Madison. Foremost among those are getting permission from the Southern League, Minor League Baseball and Major League Baseball to move the Mobile team to Madison.

There are still boxes that need to be checked off in Madison but Mayor Paul Finley said he did not anticipate any sticking points that would derail the deal.

Finley said the Madison city council could give final approval to the deal as soon as the Feb. 26 council meeting.

"We are excited to partner with Ralph Nelson and his team," Finley said in a statement Tuesday. "City council, mayor and staff have worked earnestly to take appropriate steps for our community to ensure success in this endeavor. After a detailed feasibility study, we are assured that this venture will support not only economic development in the city of Madison, but also create revenue for our school system and infrastructure needs as well."

The city council received a final feasibility study on the minor league baseball project at Monday's meeting and the council - which voted unanimously last month to OK $46 million for the multi-use stadium - raised no concerns after hearing the feasibility study presentation.

Ballcorps will have a 30-year lease with the city of Madison and pay at least $1 million annually in rent to the city.

Madison expects to recoup its investment in building the stadium through the rent, stadium naming rights, sales tax and non-baseball revenues for events at the stadium.

BallCorps managing partner Ralph Nelson is expected to move to Madison, providing the team with local ownership, Finley said.

"We've been working for close to a year to become part of the Madison community," Nelson said in the announcement. "After personally spending 25 years working in Major League Baseball, I have just recently learned how minor league teams provide such joy to families in cities such as Madison. We are so excited to be able provide an affordable and exciting destination to the great people of Northern Alabama. We look forward to the memories we will create together."

The stadium will be an anchor of the under-construction Town Madison mixed-use project by developer Louis Breland, who will also be part owner of the baseball team.

Finley said plans moving forward include making arrangements for an interchange to be built on I-565 to access Town Madison and the stadium.