The city of Austin released a term sheet Friday night of an agreement to bring a Major League Soccer franchise to the city. At its Aug. 9 meeting, Austin City Council will vote on whether to authorize the execution of agreements with Precourt Sports Ventures, the operating group of the MLS team Columbus Crew SC, as laid out in the term sheet. If the resolution is approved, it would be the final council action required to authorize the deal. The term sheet does not bind the city of Austin and PSV, into a legal agreement for a soccer stadium in North Austin at 10414 McKalla Place. However, if council approves the ordinance on Aug. 9, city staff and PSV would then be able to enter into negotiations on a formal stadium agreement that would bind the two sides to terms. If the stadium agreement is not executed and delivered by Oct. 9, either party may terminate the term sheet, although PSV would have the option of extending negotiations for up to four months “in the event the parties are negotiating in good faith.” The city has called a special meeting on Aug. 1 for a staff presentation to council regarding potential agreements with PSV and for the public to have a chance to speak. Council will not take any official action at that meeting. In a proposal released on June 1, PSV offered to privately finance the construction of an MLS stadium. The city would retain ownership of the land and the stadium, which would exempt PSV from property taxes. That framework remains the same in the term sheet. However, there were some takeaways from the details of the term sheet: 1. Rent: The proposed rent PSV would pay to the city for use of the stadium differs significantly from PSV’s original June 1 proposal, in which PSV proposed a $1 per year rent payment. In the term sheet, it is proposed that PSV would pay $550,000 per year beginning in the sixth year of its initial lease. 3. Transportation: The two sides “shall work together” to both develop a transportation and parking plan for the area, including a traffic impact analysis, and to explore third party and other financing sources for the construction of a new MetroRail station adjacent to the stadium. 3. Club name: “Austin” will be included as part of the club name subject to MLS approval. Most of the clubs in the MLS are named for cities, with the exception of Minnesota United FC, based in Minneapolis, and the New England Revolution, based in Foxborough, Mass. 4. Complimentary tickets and city of Austin programs: The club will distribute, on average, 1,000 complimentary seats for each regular season match. Of those 1,000 seats, the city of Austin will distribute 100 to various programs and recipients.