Updated at 8:39 p.m. Nov. 10 with the City Council discussion, including Mayor Alyia Gaskins's disclosure that she owns property adjacent to the park. Updated at 8:20 p.m. with a statement from NOVA Parks. Updated at 8 p.m. with details from the city's term sheet summary. Updated at 7:45 p.m. with the city's announcement.

ALEXANDRIA, Va. — The city would borrow $107 million to build a 210,000-square-foot indoor sports and events complex at Cameron Run Regional Park, replacing Great Waves Water Park with a year-round facility run by a nonprofit created by the Alexandria Soccer Association, under a proposal presented to City Council on Tuesday night.

The Alexandria Sports and Events Complex would cost $117 million. The operator would contribute $10 million and the city would borrow the rest through general obligation bonds, according to a presentation city officials previewed for reporters Tuesday afternoon under an embargo that lifted when the item reached the docket.

Proposed terms require a $10 million operator contribution, rent starting at $2.5 million a year and penalties if event targets are not met. (City of Alexandria)