While San Diego State university and the city of San Diego continue to iron out a deal for the Mission Valley stadium site, the university has decided on a name for its future field thanks to a generous donation.
Local philanthropist and visionary leader Dianne L. Bashor donated $15 million earmarked for the stadium, according to President Adela de la Torre.
Students, staff, fans and visitors will forever be reminded of Basher's gift when the Aztecs play under the lights on "Bashor Field" at Aztec Stadium.
The gift is one of the largest donations ever made to the school, the president said.
"I want to express my deepest gratitude for Mrs. Bashor's gift. While she never attended San Diego State University, she is known for her generous community support and her gift reflects the close relationship between the San Diego community and San Diego State University," de la Torre.
In mid-November, SDSU and the city moved one step closer to completing a transaction for the land when the City Council unanimously approved City Attorney Mara Elliot to begin drafting a Purchase and Sale Agreement.
Specifically, the council voted 9-0 on the following action:
- Request that the City Attorney draft and format the Purchase and Sale Agreement (PSA), addressing all legal concerns, including those outlined in the City Attorney Report.
- Request the City Attorney submit the draft PSA to City Staff for an objective analysis of policy including concerns raided in the IBA Report, operational and financial impacts;
- Request that an update be brought forward to the City Council in mid-December, and
- Request City Staff docket the draft PSA for City council consideration at the first meeting possible in January.
"The PSA will be drafted based on recent analysis by the Independent Budget Analyst and the City Attorney's office that ensures taxpayers are given a fair deal and the city’s general fund is protected," the city said.
One step closer to new SDSU stadium and campus expansion. SD City council unanimously directs City Attorney to draft a land purchase agreement by mid December. Though the city attorney herself expressed concerns about meeting that deadline. #nbc7 pic.twitter.com/um18iX2iIu— Artie Ojeda (@ArtieNBCSD) November 19, 2019
Prior the vote, councilmembers heard from almost two dozen SDSU supporters, including former SDSU basketball coach Steve Fisher.
“Terrific outcome. We got a unanimous vote and it was clear, all the members of the council want this moving forward and that’s great,” Fred Pierce with the group Friends of SDSU said.
As for the final price, the City of San Diego and SDSU have not yet agreed on a number. The city claimed there were inadequate traffic mitigation measures in SDSU's plan, citing negative effects for residents in the area.
The stadium sits in Councilmember Scott Sherman's District 7.
"I believe we are extremely close in reaching a deal. However, serious traffic mitigation flaws in the draft EIR (Economic Impact Report) must be corrected before an agreement is signed," Sherman said.
"SDSU must be held to the same standard as any other developer to mitigate the impacts of their project," Sherman added.
On Oct. 28, SDSU sent a $86.2 million proposed purchase price, not including an additional $1.5 million to offset a portion of the land's appreciation since 2017.
Real estate economist Gary London with London Moeder Advisors believed SDSU's updated offer of roughly $87.7 million was a little "light," but in the ballpark of acceptability.
“I think we’re within the range of $10 or $20 or $30 million of what the true value may be depending on which direction you go,” London said.
The university is hoping to break ground on the new site by April 2020.