New Orleans, LA -- (Sports Network) - The Saints reached an agreement with the state on Thursday to stay in New Orleans through 2025 and play in a renovated Louisiana Superdome.

The state will make $85 million in improvements to the Superdome as part of the agreement, which also will create a new sports district and have Saints owner Tom Benson buy a vacant city property.

"It's a 15-year agreement with a five-year option," said Saints senior vice president and chief financial officer Dennis Lauscha. "The assumption of risk shifts squarely from the state for the Saints. At the end of the day what the state will have is a modernized Superdome that will rival the best buildings in the NFL and viable for the top events each season such as Super Bowls, Final Fours and political conventions, plus much, much more."

According to Lauscha, some of the pending improvements to the iconic venue would be "widening plaza level concourses, adding concession stands, reconfiguring lower bowl seating to add 3,100 seats, and adding 300-level luxury boxes, a new retail store, a club lounge and upgraded restaurants."

The deal, which is contingent upon legislature approval, may save the state $281 million.