SACRAMENTO (CBS13) — A major partnership between the City of Sacramento, UC Davis and the developer of Aggie Square that will bring millions in housing and economic development is set to be voted on by the city council.

Aggie Square is the much-anticipated public-private space that will be an educational and entrepreneurial hub for the region.

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“I see this now as the single biggest economic development opportunity in our region that’s come along in a long time,” said Sacramento Mayor Darrel Steinberg.

And now a community benefits agreement put together by developer Wexford Science and Technology, the mayor of Sacramento and the UC Davis chancellor is something to cheer about it.

“Our new CBA is a roadmap to make sure residents are included in the success story of Aggie Square,” said Chancellor Gary May.

It promises $50 million for affordable housing along the Stockton Boulevard corridor and guarantees 20 percent of the 5,000 construction jobs will be local.

Even more money will go to transportation improvements.

“With this community benefits partnership agreement we have the chance to create new opportunities and serve the community in transformational ways,” said May.

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The $1 billion innovation hub will support start-ups, launch new businesses and provide a platform for cutting-edge work in the field of life science, tech and healthy communities.

“There is going to be all kinds of opportunities, not just for entrepreneurs but people who live in the neighborhood and want to be a part of this new dynamic economy,” said Doug Woodruff, Wexford’s Senior Vice President of Development.

Elgin Bradley, who has run a Touch of Class on Stockton Boulevard for more than four decades, is hopeful.

“It’s going to be an important economic engine for people living in surrounding neighborhoods and who operate businesses on Stockton Boulevard,” Bradley said.

They are scheduled to break ground later this year – and even though doors won’t open for a couple more years, city leaders are already getting ready.

“We have talked with our community organizations and labor council about starting training so we make sure we have young people and adults from the neighborhood who are ready to take jobs when they come about,” said Vice Mayor Jay Schenirer.

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The community benefits partnership agreement will be voted on by the council on April 6.