Mayor Karl Dean has reached an agreement with the state, the Nashville Sounds and a private developer to allow for a new minor league baseball stadium at Sulphur Dell.

Dean's office announced the agreement in a release Friday afternoon. More details, including the financing plan, will be revealed Monday at two information sessions with members of the Nashville Sports Authority and Metro Council. Metro officials and project architects revealed information about what the project would look like at a community meeting last month.

Per the Dean administration release: "The plan includes agreements with the State of Tennessee, which owns property at the proposed location; the Nashville Sounds, which would lease the ballpark from Metro; and Embrey Development Corp., a multi-family developer that has agreed to swap property at the proposed location with Metro."

The proposed $40 million ball park would sit between Third and Fifth avenues north, and hold 10,000 people. The project also includes a new 1,000-space parking lot and a greenway.

“The proposed ballpark's location in north Nashville would greatly enhance the Bicentennial Mall area and future plans for state projects there," said Gov. Bill Haslam. “This state, local and private partnership is good news for our capital city.”

Sounds co-owner, Frank Ward, was similarly pleased.

“We love being a part of the Nashville community and thank Mayor Dean and Gov. Haslam for providing leadership on this exciting ballpark proposal,” said Ward. “Greer Stadium has far outlived its useful life, and we can’t wait to give Nashvillians a top-notch experience at Sulphur Dell. Our investments, plus those of all our partners, will truly transform this area of North Nashville, and we are thankful for this opportunity. Let’s play ball!”

With hopes for the stadium to open in time for the 2015 season, Metro hopes to finalize property and financing agreements before the end of the year.