WATERLOO — Semi-professional basketball in Waterloo was a slam dunk Monday.

Politicians voted unanimously to enter into an agreement with the upstart Canadian Basketball League, making Waterloo its first confirmed franchise.

"To see that we're at the forefront of the launch of the Canadian Basketball League where it can be inspirational to our youth … I think this is spectacular," Mayor Dave Jaworsky said at a post-meeting media event.

After more than 10 months of negotiations, it took less than 15 minutes for politicians to hear the pitch and vote to go ahead.

"This community's been ready for something big like this, and you're going to provide it, and I believe the CBL will be as beloved and familiar as the CFL is to Canadian citizens and I have to say I am completely ramped up for the opportunity you present our community," Coun. Mark Whaley said.

The league is lead by former Toronto Raptors coach Butch Carter who is serving as president.

"The integration of the Canadian Basketball League franchise will be a wonderful event in your community," he told council.

Discussions for additional teams are currently underway in Hamilton, Scarborough and Ottawa, Carter said. Eastern and Western divisions are also envisioned with a total of 12 teams countrywide eventually.

Negotiations continue.

"You're just seeing the cumulation of all the meetings, but it's ongoing … we're at the final stages," Carter said

Games will run out of the Waterloo Memorial Recreation Complex from December to April, mostly on the weekend, with practices at RIM Park.

Timing for the games was crucial, Carter said. Weekend games were important because that's when families have time to attend such events, he said.

He also wanted to work around the Kitchener Rangers' schedule.

"The Rangers are in this market — what the Leafs are to Canada — and there's no need in picking a fight," he said.

The city will pitch in nearly $500,000 for capital improvements at the rec complex on Father David Bauer Drive, along with other costs that would be paid back at an interest rate of three per cent for five years.

The improvements were planned to be done around 2023, and would be moved up for the league. No work would take place until after the inaugural season.

The city projects a profit of about $381,000 on the team after six seasons. That's assuming 15 games per season with a minimum of 1,200 tickets sold per game. About 3,630 seats would be available, including more than 200 on the floor.

Season tickets will be available ranging in price from $257 for seniors up to $1,250 for a premium package.

The team will be community-owned with the city providing some financial backing and community members purchasing memberships to support the team.

Residents can sign on to be founding members and receive several perks including premium parking and seating and meetings with the coaches and team. Sponsorship opportunities are also available.

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A chief executive officer for the local franchise has not yet been chosen.

Teams will play under International Basketball Federation rules, including adherence to the anti-doping policy.

- Carter confident despite questions about Waterloo semi-pro basketball team