The Premier League club want to leave their historic Goodison Park home and will be allowed to borrow the necessary money, guaranteed by the council, to finance a new arena at Bramley-Moore Dock.
Everton can now begin the planning process which will potentially lead to the submission of a formal planning application by the end of the year.
The cabinet report claims a new stadium will bring a forecasted £9 million in economic benefits to the city annually and could play a part in its Commonwealth Games bid for either 2022 or 2026.
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