Boston is kicking in on a 10-year public-private lease agreement with a women’s pro soccer team to renovate White Stadium in Franklin Park, Mayor Michelle Wu announced.

The deal — signed today — is a “shared usage agreement” with Boston Unity Soccer Partners that will also carve out time for school students and city residents. The lease can be extended, the mayor’s announcement adds.

The mayor said in her morning press conference that the soccer bosses will be responsible for “more than half the costs” and the new deal spells out rent and other financial “guarantees … to protect against project risks.” Some demolition will begin in January and the city hopes to host track events by March of 2026, Wu said.

It comes as the city’s portion of the cost for renovation of the old stadium has skyrocketed from $50 million to $91 million and counting — a price that’s too much for some with the project still part of a pending lawsuit.

Still, the mayor said this project sticks to her goal of delivering “excellent education” to Boston Public Schools students.

“White Stadium is a generational opportunity to anchor citywide youth sports, revitalize community programming, and bolster our beloved, historic Franklin Park,” Wu said in her release, where she “thanked” Boston Unity Soccer Partners for pitching in.

BPS Superintendent Mary Skipper called the deal “an exciting moment” for student-athletes who will now have a “world class home” for sporting events.

Details of the pact, according to the mayor, include:

An eight-lane track and facilities that can host state track meets — including shot put and pole vault “for the first time.”
A natural grass field for school soccer and “end-of-season football” and other BPS teams.
New locker rooms for student-athletes, along with strength and conditioning and lounge space.
Offices, sports medicine, community event spaces also.
“Freshly surfaced” basketball courts outside the stadium.
The same for tennis courts and room for equipment storage.
Public restrooms and water fountains “accessible” all year.
New lighting to improve safety outside the stadium.
“Reopening an acre of green space in the park” by removing fencing.
A new meadow will surround the stadium. Wu said 500 new trees are part of that goal.
700 hours annually for BPS, Wu said.
No pro soccer games can go beyond 11:30 p.m.

Some of the financial agreements the mayor announced:

Rent: $200,000 “annualized first season payment.” That bill will be “prorated for the number of months the field will be operational.”
$400,000 annualized rent in “monthly payments” in the second season escalating by 3% each year.
A pro bono “legal team” to that “partnered” with the city on this, Wu said. That agreement is up soon, she added.
Revenue sharing: 10% of in-stadium ads — not including field-naming rights that will be another 10%.
3% of concession revenue.
The city “reserves the right to pursue … additional sponsorships or revenues.”
Jobs: The project is expected to “create up to 500 construction jobs” and “300 permanent jobs.”

The total cost of the city’s public-private plan to tear down and rehab White Stadium to house a new professional women’s soccer team has ballooned from initial estimates of $100 million to roughly $200 million. The city’s share has increased from $50 million to $91 million, according to numbers that first became public last month during a public facilities commission meeting.

One of those investors in the all-female soccer ownership group includes Boston Globe CEO Linda Pizzuti Henry.

This is a developing story that will be updated with a press conference now being held where Wu called the new stadium “an anchor” for school sports in the city …