EPL side Everton received a "boost" on the eve of the Merseyside derby after Liverpool City Council approved the establishment of a "scheme to help with funding for the proposed new stadium," according to Ben Grounds of the London DAILY MAIL. The cabinet met on Friday and "rubber-stamped" a report which agreed to the setting up of a special purpose vehicle which will "allow the club to borrow the necessary money," guaranteed by the council, to finance the new £300M ($376M)-plus ground 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." With plans to move away from Goodison Park moving a step closer, Liverpool Mayor Joe Anderson "reiterated the significance of a new iconic waterfront stadium for the city." He said, "This deal is a great step forward for Everton and it's a great deal for the city of Liverpool." Anderson outlined his recommendations for the project -- including the creation of 20,000 new jobs -- "in a report presented to the council's cabinet on Friday." The cabinet report claims a new stadium will bring an estimated £9M ($11.3M) in economic benefits to the city annually and "could play a part in its Commonwealth Games bid," for '22 or '26 (DAILY MAIL, 3/31).