San Diego State University is upping its offer to the city for the Mission Valley stadium property by $19.5 million, according to a letter sent Monday from the university's president to Mayor Kevin Faulconer.
SDSU President Adela de la Torre's letter details a revised purchase plan with an $86.2 million price tag, up from the $68.2 million offer SDSU presented two weeks prior.
The $86.2 million proposed purchase price does not include an additional $1.5 million to offset a portion of the land's appreciation since 2017.
A new 35,000 seat stadium for SDSU football and other events remains the focal point of the deal, but the de la Torre's letter provides clarification on the funding structure of other elements.
The university said it is committed to building a two-lane, all-weather bridge connecting the stadium property to Fenton Parkway to the east, but is asking the city to allocate $8.5 million of the $86.2 million-offer to the bridge and wants approximately $1.3 million in existing city funds dedicated to the bridge to be made available.
SDSU is also sticking with its plan to construct and maintain a 34-acre river park, and backed off of calls for the city to pay for flood control improvements to Murphy Canyon Creek before the deal is finalized.
SDSU's $68 million offer presented in mid-October was said to be in line with an unreleased value amount determined by an independent appraisal of the site.
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Other elements of the deal include bike lanes and other transportation and accessibility improvements, a reserved site for a future city recreation center, affordable housing, and stadium demolition costs.
If closing of the sale is delayed past June, 2020, SDSU wants the city to lease it the property for $1 per month while the university assumes the cost of maintenance and operation of the property and stadium.
