The arena is planned for vacant land near Kilgore Road and Trade Center Drive and is expected to host a professional indoor soccer team. The broader development would also include hotels, shops, restaurants and at least 640 residential units.
"It's a dream come true. I've been working on this closing in on 10 years," Wood said.
The city would also contribute up to $15 million toward police and fire services.
"This is performance-based, and we are holding them accountable," Rancho Cordova City Councilmember Siri Pulipati said.
"We've gone through an amazing plan, taking the hours and time, and this is going to be a trend-setting stadium. I can't wait to see all of the community here," Gatewood said.
Doyle Radford, business manager for Laborers Local 185, said the project could bring economic benefits to local workers and businesses.
Wood said the developers hope to break ground within the next three months.
The project has faced opposition over concerns about traffic and its financial impact on the city. Monday's vote was 4-1, with Councilmember Joe Little voting against the plan.
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