THFC's Northumberland Development Project scheme also includes plans for 200 new homes, a hotel, shops and leisure facilities.
Under the deal the Council will acquire land for the development to remove the risk of some of the owners of neighbouring properties, whose right of light will be infringed by the new buildings, seeking an injunction to prevent construction of the development. The Council will then grant a 999 year lease of the land to THFC.
The Council said in its report (17-page / 3.76MB PDF) to the Cabinet that the scheme would assist the Council's objectives by providing a focal point for the regeneration of Tottenham and provide a "catalyst for the long-term physical regeneration of Tottenham".
"The development proposals present an opportunity for the Council's strategic regeneration goals to be realised in what is acknowledged and recognised as a part of the Borough which suffers from endemic socio-economic deprivation and environmental issues," the report said.
The Council granted planning permission to the scheme in 2010 and approved a revised scheme last year. Earlier this month, THFC and the Council entered into an agreement under which THFC confirmed it would stay in Tottenham and the Council in turn pledged to invest £9 million towards improvements of the area.
