Regina City Council has approved the construction of a new $278m stadium on Evraz Place lands in Saskatchewan, Canada.
The new stadium will have a capacity to house 33,000 people and have a spectator roof as well as open-air playing surface.
It will be expanded in the future to host larger sports events such as a Grey Cup.
Earlier this month, the Government of Saskatchewan, City of Regina and the Saskatchewan Roughriders had signed a Memorundum of Understanding (MOU) for the construction of the stadium.
Saskatchewan Premier Brad Wall said while signing the MoU that the current stadium has served the province for the past 100 years.
"The new stadium will not only provide a leading edge facility for the Riders, it will also support amateur sports in the province and attract the attention of major concert and event promoters," Wall said.
As per the MOU, the City of Regina would support both the capital costs and ongoing maintenance costs of the stadium through a combination of debt, property taxes and allocation of other new or existing revenues.
Maintenance costs on the stadium are anticipated to be $230m over 30 years.
The proposed funding arrangement would see the Saskatchewan province will provide a loan of $100m and $80m grant to the city.
The City of Regina would contribute $73m with another $25m will be provided by the Saskatchewan Roughriders.
The City of Regina is in the process of planning and design concept work for the new stadium.
Construction of the stadium is scheduled to begin in 2013 and it is expected to be ready for use in early 2017.
Regina city expects to spend about $675m on the stadium project over the next 30 years for the cost of building, maintaining and paying off loans.