The city of Bridgeport has reached an agreement to purchase the Pequonnock Yacht Club property and will soon be able to proceed with the long-delayed Steel Point project.Mayor John Fabrizi announced Friday that Bridgeport has agreed to buy the property for $4.75 million. As part of the agreement, the yacht club can stay until November of 2009. The city had already acquired every other piece of land on Steel Point. The mayor says one of the reasons the city was finally able to come to an agreement was that the city did not want to take the club by eminent domain and was very sensitive in its negotiations. The commodore at the Pequonnock Yacht Club says the money will be used to purchase another marina, possibly in the New Haven area. The Bridgeport City Council still has to sign off on a land disposition agreement with the Steel Point developer. Fabrizi says work will begin on Steel Point within this calendar year.