Virginia Commonwealth University and the Richmond Flying Squirrels are planning to work together to help fund an approximately $55 million baseball stadium.
Mayor Dwight Jones said in a news release Monday that the university and minor league baseball team signed a non-binding memorandum of understanding last month regarding the project.
Officials say VCU will be leading the efforts to develop the stadium, which would also host non-athletic events such as concerts and festivals.
The Flying Squirrels would pay an annual lease of about $1 million, which is roughly four times the rent the team currently pays at The Diamond.
The announcement does not identify a site for the planned stadium. It is also unclear how much money Richmond and other surrounding localities might contribute.