Watch Live: D.C. Council Chairman Phil Mendelson is holding a news conference. Watch live in the video feed above.

After weeks of pressure from local and federal leaders, the D.C. Council will soon vote on legislation for a new Washington Commanders stadium in the District, Chairman Phil Mendelson announced Thursday.

Mendelson is holding an 11 a.m. news conference about the agreement he reached with the team.

Moments before the scheduled news conference, his office sent out a release announcing the Council would take a vote on the deal on Friday, Aug. 1.

“We’ve been working with the Washington Commanders for several weeks and we feel we have a much-improved agreement that would bring the team back to their historical home, as well as develop the land around the RFK campus,” Mendelson said in the release.

A Council committee will hold a public hearing on the legislation on July 29 and a hearing with government and team officials on July 30 before they take the vote.

As News4 reported Wednesday, Mendelson reached an agreement to adjust the deal’s financial terms, opening the door for the council to vote in a matter of days.

Mendelson said Thursday the Commanders showed a commitment to the District during their negotiations, and the process working with the team “has been extremely productive.”

“Overwhelmingly, residents have asked the Council for due diligence on this multi-billion-dollar deal. And under immense outside pressure to rush the process, I feel that, along with next weeks’ hearings, the Council will have what’s needed to move forward with a vote,” he said in the statement.

Mendelson outlines changes made to stadium deal

The term sheet in the original deal with the team said all revenues, including tax revenues, generated at the stadium would go to the Commanders or to a stadium-reinvestment fund, Mendelson said. As part of the new agreement, the Commanders agreed the following revenues will instead go to the District:

$260 million in parking revenues from non-stadium-event days (team estimates ~$170M higher)

$112 million in parking taxes; 18% rate will go to the city

$54 million in sales taxes on merchandise; 10.25% will go to the city

$248 million in sales taxes on food and beverages; 10% will go to the city

Those revenues will total $674 million over 30 years, Mendelson’s office said.

While the term sheet required a “Community Benefits Agreement,” Mendelson said no amount was specified. The new agreement has it as $50 million, including a commitment linking youth sports with education.

The Council’s legislation will also outline specific deadlines for different phases of the development

Ward 7 Councilmember Wendell Felder told News4 he’s been part of the recent negotiations. But he wouldn’t get into specifics about changes to the deal or when the vote could be coming.

“It’s going well. I think the Council, we’re looking to get a deal done as quickly as possible. So we’re excited,” Felder said.

D.C. Council Chairman Phil Mendelson has reached an agreement with the Washington Commanders to adjust the financial terms of the stadium deal, opening the door for the Council to vote on the deal in a matter of days. News4’s Mark Segraves shares what will happen next and what led to the agreement.

When Mayor Muriel Bowser and team owner Josh Harris announced the deal to build a new stadium on the RFK Stadium site earlier this year, the team set a July 15 deadline for the council to act.

While the council made a preliminary vote on the financing of the deal, Mendelson removed the bulk of the stadium legislation from the upcoming budget vote and said it was unlikely the council would vote on that before September.

But Mendelson has received increasing pressure from local and federal officials.

“This is what I support: getting the deal done, OK. In every economic development deal, there are adjustments to terms. Every one of them. I’ve been doing this for 15 years,” Bowser said when News4 asked her about the negotiations Wednesday. “And what’s not okay, though, is delaying for delaying’s sake. If there’s something that needs to be changed, let’s change it. Let’s change it. If something that needs to be changed, let’s change it… and vote.”

Rep. James Comer, R-Kentucky, the head of the House Oversight Committee, wrote a letter to Mendelson last week urging the council to vote on the new stadium before their August recess. Comer said delaying the vote could jeopardize the Commanders’ $2.7 billion investment.

“The bottom line is, I want to emphasize, we’ve had this for less than seven weeks,” Mendelson told News4 on Friday. “And instead of ‘how can we all work together, answer questions, see if we can make the deal better,’ there’s been this almost daily mantra of ‘the Council needs to act quickly, act without a hearing, act without any analyses, act without any due diligence.’ And that has not been helpful.”

A report commissioned by the D.C. Council raised several concerns about the proposal to develop the RFK Stadium site.

President Trump weighs in on stadium deal

President Donald Trump said earlier this month he might intervene on behalf of the Commanders if the Council failed to approve the stadium deal.

Asked about the possibility of Trump intervening, D.C. Mayor Bowser said she’s concerned about “all forms of political risk.”

“Delaying only introduces risk, and those risks can come in all forms,” she said. “There could be political, economic, there could be some upending of the economy that none of us can foresee, and that’s what risk introduces. A delay introduces that risk.”

However, on Sunday, Trump threatened to hold up the stadium deal if the Commanders don’t restore the old name of the Redskins, which was considered offensive to Native Americans.

President Donald Trump threatened to hold up a deal for a Commanders stadium in D.C. if the team doesn’t revert to the moniker left behind in 2022. News4’s Joseph Olmo asked fans what they think.

White House press secretary Karoline Leavitt said the president’s comments were not a joke.

“The president was serious,” Leavitt told reporters Monday while answering questions on the White House driveway. “Sports is one of the many passions of this president and he wants to see the name of that team changed.”