The club won permission to begin a housing development to the rear of the ground with work due to get underway, in conjunction with housing association the Origin Group later this summer.
Future plans include building a new East Stand which will increase capacity at the ground from 20,000 to 24,000. That will require additional planning permission.
Origin will pay an estimated £19m towards the development, with the club paying £13.5m. A further £6.5m will be raised through loans and the sale of shares.
