The city will sell the site to the Valley Legends Stadium Consortium, which is part of Valley Christian Schools.
The group has proposed to spend $9 million to construct a 3,000-seat stadium with a turf football field and track.
The entire project will cost about $2.8 million with at least half paid by state and federal grants.
The West Avenue Bridge was awarded a $606,375 state grant in June 2023.
A customized collection of grant news from foundations and the federal government from around the Web.
The Charities Aid Foundation has set up a scheme, called the Social Enterprise Assist, that will render interest-free loans of up to £10,000 each to help social enterprise start-ups.