Appraisal of Stadium Site Is 'Starting Point' for Negotiations with SDSU: City Council - NBC 7 San Diego

Appraisal of Stadium Site Is 'Starting Point' for Negotiations with SDSU: City Council

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    NEWSLETTERS

    SDSU Negotiating Purchase of Mission Valley Stadium Site

    An independent appraisal of the stadium site is just one of the steps needed before the city hands over the property to SDSU. NBC 7's Rory Devine has the story.

    (Published Tuesday, Oct. 8, 2019)

    The San Diego City Council got its first look Tuesday at an independent appraisal of the Mission Valley stadium site.

    San Diego State University wants to buy the property to build a stadium and expand its campus, a project approved when voters passed Proposition G last November.

    The appraisal amount has not been made public, but City Councilman Scott Sherman said it was similar to a $68 million evaluation of the property in 2017, which was what he expected.

    Sherman said the appraisal is a starting point for negotiations and compared the sale process to selling a car.

    “Say the Kelly Blue Book value is ten grand and you think it’s worth 12. You put it up for 12 [thousand] and you negotiate from a certain point,” he said.

    In a letter to Mayor Kevin Faulconer and members of the City Council, SDSU President Adele de la Torre wrote “we are discouraged by the view recently expressed by city staff that fair market value appraisal is only a starting point from which they would now like to seek additional proceeds.”

    In another letter to the President of the council, a group called Friends of SDSU urged the council to accept the appraisal and get the deal done.

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