The San Diego City Council will hold a special meeting Friday to possibly continue the process of selling the Mission Valley stadium site to San Diego State University.
SDSU announced May 7 it had taken the next step in purchasing the city's stadium property in Mission Valley, submitting a signed purchase and sale agreement (PSA) for consideration at the May 19 San Diego City Council meeting, but the city failed to vote on the matter.
The university said it met with Mayor Kevin Faulconer’s office and resolved all the issues the city brought up, and negotiators for the university said there was no reason for the city to not vote on the PSA. The agreement, available online for review, details the university's purchase plans for the property.
Now, the city says it will take action at 10 a.m. Friday on the pending sale of the 132-acre piece of land.
“As Council President, I am pleased to be able to call a special Council meeting on what will be a historic opportunity to transform one of San Diego’s communities. I have worked hard during the past few weeks to ensure the best chance for a successful agreement.” Georgette Gómez said.
Mission Valley Stadium Site
“As an SDSU graduate, I am elated to play a role in helping my alma mater expand its institutional footprint, enhance its educational prestige, increase our supply of workforce and student housing, and create a River Park for all San Diegans," she added.
The planned 35,000-capacity Aztec Stadium would be among the first projects to be built as part of the university's Mission Valley campus.
The multi-use stadium, estimated to cost $310 million, will be funded through donations as well as system-wide revenue bonds that will be paid back with revenue generated by the facility -- including ticket revenue, naming rights and concessions.
The bond issuance can be timed appropriately based on market conditions. Operating costs will also be supported by revenue generated by the facility.
In the northwest corner of the Mission Valley campus site, the stadium's location will allow San Diego State to continue to use the existing SDCCU Stadium during the construction of the new multi-use stadium.
The project is part of the larger SDSU Mission Valley Campus Master Plan approved by the Board of Trustees in January.
The new campus will provide SDSU with the space to grow enrollment, expand research and programs, and add much-needed housing for students, faculty, staff, and the general public, including affordable housing. The plan also creates a regional community river park.
“SDSU Mission Valley is critical to the future of our university and enables SDSU to expand its economic and educational impact in our region,” said SDSU President Adela de la Torre. “SDSU leadership worked diligently with the City over the past 18 months to reach a fair and balanced agreement that protects the public interests we both serve. We look forward to the Council’s consideration of this agreement and to making this project a reality.”