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The Washington Commanders have reached a $3.7 billion deal with the District of Columbia to build a roofed, 65,000-seat stadium in the nation’s capital.

Commanders owner Josh Harris and D.C. Mayor Muriel Bowser on Monday announced the development project, with the NFL team committed to financing at least $2.7 billion and D.C. paying $500 million for infrastructure toward the stadium.

The use of taxpayer money must be approved by the D.C. City Council.

The site is about 177 acres, which includes the team’s former home, RFK Stadium, for 35 seasons from 1961-96. The franchise moved in 1997 to what is now called Northwest Stadium in Landover, Md. The team’s lease runs through 2027 and can be extended pending a move.

Harris has targeted the new stadium to open by 2030.

The ownership group had considered options in Maryland and Northern Virginia, where the Commanders’ training facility is based. Harris said at Monday’s press conference that the team will be “coming home” to D.C.

“Now we want to bring the Commanders home with a new RFK that our fans will love, our opponents will fear,” he said. “It will be loud. We want to make it about football but also about the city and the community. And we want to host the biggest and best events in the world.

“When our ownership group started on this journey two years ago, we laid out three clear priorities,” he continued. “Build a championship-caliber team, improve fan experience and make a positive impact on this community. Today’s announcement is a key part of that vision. Let’s come home.”

Harris called it the largest single private investment in D.C.’s history.

“This project is about so much more than building a stadium,” he said. “It’s a once-in-a-generation opportunity to create a catalyst for long-term, transformational economic growth here in D.C. That means thousands of new jobs, billions of new tax revenue, thousands of new homes, partnerships with local businesses and the creation of about 90 acres of mixed-use development for our community. And you know what? The city of Washington and the DMV deserve it.”

The D.C. government will use the Sports Facilities Fee for its $500 million investment, not requiring cuts to its operating budget, according to the city. Developing parking will be financed through a $175 million revenue bond fund by in-stadium activity once it is operating.

Taxpayers could be funding more than $1 billion when including parking facilities, recreation and water and electric infrastructure.

The entire campus is projected to create as many as 6,000 housing units, including at least 30 percent affordable housing, according to a news release. The plan also includes development for retail, restaurants, entertainment, hotels and expanded recreation facilities, including an $89 million SportsPlex.

“What our deal with the Washington Commanders provides is the fastest and surest route to developing the RFK campus,” Bowser said at the news conference. “And not just delivering sports and entertainment, but delivering housing, jobs, recreation and economic development.

“We will be able to deliver thousands of homes here,” she continued. “It will deliver a world-class, community-focused sportsplex for our kids. It will create park space and build out riverfront and trails. It’s about creating jobs for D.C. residents and revenue that will support what all of our city needs.”

NFL Commissioner Roger Goodell said he has fond memories of growing up in Washington, D.C., and going to games at RFK Stadium.

“We are grateful for Josh Harris’ vision and determination and the leadership of Mayor Bowser in moving this transformational project forward,” Goodell said in a news release. “This world-class stadium will not only be an exciting site for NFL games and events in an iconic location but it will also be a community asset and an economic driver.”

–Field Level Media