The proposed deal would have the team buy Angel Stadium and its surrounding parking lots for $325 million, Robinson adds.
"We appreciate the mayor's leadership in working to keep the Angels here in Anaheim, which has been our home for over 50 years," Angels owner Arte Moreno said in a statement. "Today is the first step in enabling us to invest in our future by building a winning team and delivering a high-quality fan experience."
The Angels and the city reportedly agreed to the deal after three meetings in November, which followed months of preparation for talks.
"For every fan who told us to keep the Angels, this proposal would do exactly that," Anaheim Mayor Harry Sidhu said in a statement. "This proposal reflects what we’ve heard from the community - keep the Angels, a fair land price, money for neighborhoods, ongoing revenue, affordable housing, parks and jobs for Anaheim."
Angels officials are still considering whether to renovate the current stadium or build a new one, team spokesperson Marie Garvey said, according to Robinson.
Angel Stadium was built in 1966.