PONTIAC (CBS DETROIT) –  There is a deal to tear down the Pontiac Silverdome.

The Toronto-based firm that bought the Silverdome at auction in 2009 with plans for a soccer facility has reached a deal to tear the dilapidated stadium down.

Triple Investment Group’s attorney Patrick Lennon says the deal calls for a contractor to be hired by May 12 to demolish the Silverdome.

The city of Pontiac ended up in court fighting the owners over building, safety and zoning violations – which led to a consent agreement signed Tuesday in Pontiac’s 50th District Court.

“We’re very happy that this was an amicable agreement,” Pontiac Mayor, Deirdre Waterman telling WWJ, “after years of owners owning this property, they were sold the property by the first emergency manager Pontiac had and it was only $583,000 — so that was quite a blow for the citizens of Pontiac.”

She says any future development of the property will be left to the owners, however, the area has been designated an “Entrepreneurial District” which Waterman says gives the owners a lot of flexibility.

The Silverdome was built in 1975, the Detroit Lions moved out 15 years ago in 2002.

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