Portland City Council has approved financing for a $60 million stadium development to lure a Major League Soccer franchise to Portland. The $60 million raised through City backed bonds would go to renovating PGE Park to meet MLS specifications.

Part of the deal includes building a new baseball park for the Portland Beavers, the city's Triple-A baseball team.

Major League Soccer is expected to choose two expansion teams for the 2011 season by March 19th this year. Four cities are left in the running for the two spots: Portland, Vancouver, Ottawa and St. Louis.