Frisco City Council approved an amended lease agreement for Toyota Stadium, which includes making room for the National Soccer Hall of Fame.

The vote was the first of four that need to be made in order to finalize the lease agreement. Frisco Community Development Corp., Frisco Economic Development Corp. and Frisco ISD must also approve the agreement because each entity is listed to help with funding the improvements.

Frisco Council Member Jeff Cheney said having the National Soccer Hall of Fame will drive the tourism industry and put the city on the national radar for Fortune 100 companies looking to relocate.

“Frisco, Texas is now on the short list for every major project that's now considering a move across the country,” he said.

The total project cost is expected to be $39 million, which will be funded mainly through debt services. Frisco City Manager George Purefoy said no property taxes would fund the project other than what would come out of the tax increment reinvestment zone No. 1, a zone that funds public improvement projects through tax increment financing within the zone.

Construction on the improvements is scheduled to start no later than May 31, 2016.

Under the proposed agreement, the stadium improvements include meeting the needs for NCAA, FISD and the hall of fame. FISD uses the stadium for various events, and NCAA hosts its football championship game in the stadium every year.

For the hall of fame, FC Dallas—the professional soccer club that leases the stadium from the city—would add offices, exhibit space and public space to hold events.

The new term of the lease now lasts through Dec. 31, 2037.

Frisco Mayor Maher Maso said Council’s vote is just the first in a long list of steps before the hall of fame is and the other improvements are approved.

“It's a competitive world out there in many other stadiums around the country,” he said. "Frisco has shown they are willing to reinvest in their facilities."