San Diego State University announced Thursday it has taken the next step in purchasing the city's stadium property in Mission Valley, submitting a signed purchase and sale agreement for consideration at the May 19 San Diego City Council meeting.
The agreement, available online for review, details the university's purchase plans for the stadium site on Friars Road and the River Park development.
The planned 35,000-capacity Aztec Stadium will 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 President Adela de la Torre sent the agreement with a letter to San Diego Mayor Kevin Faulconer, affirming "that the agreement meets the university's commitments and is in the best interest of taxpayers,'' a statement from the university said.
Every core tenet of voter-approved Measure G and every promise the university has made is represented in the agreement, the statement said.
"After well over a year of negotiations, including hundreds of hours of meetings, my team and I believe this agreement encompasses and addresses all major issues for the city of San Diego, the California State University and San Diego State University," de la Torre said. "What is before you today is fair and equitable to both parties and represents the best interests of the public that we both serve."
The agreement has been signed by California State University Chancellor Timothy P. White.
The university posted a response document, responding to concerns raised by City Attorney Mara Elliott -- including the deadline for when a deal would be struck, the city's existing water and environmental rights on the site, potential liabilities from the sale and the university system's obligation to provide affordable housing.
The university pledged in the document to complete the sale as soon as possible, obey the city's water and environmental regulations, accept all liability for environmental and wage issues after the sale was completed and "is in no way backing away from its extraordinary commitments" toward affordable housing on the site.