Mohegan Sun and Revere officials have reached agreement on a new host community agreement that would guarantee the city up to $33 million in upfront payments and between $25 million and $30 million in annual payments if a casino was built on land owned by Suffolk Downs.

The Revere-only proposal emerged after Suffolk Downs’ earlier bid for a casino on the Boston-Revere border was rejected by voters in the East Boston neighborhood. The agreement announced on Monday also calls for Mohegan Sun to provide $40 million in infrastructure improvements and gives Revere residents preference in future hiring.

It must be approved by Revere voters in a referendum, possibly in February.

Wynn Resorts has proposed a casino in Everett and is also vying for the single eastern Massachusetts resort casino license.