On May 7th, SDSU presented an updated Purchase and Sale Agreement to the City of San Diego. You can read the updated offer letter in its entirety online, but the key points are:
SDSU will acquire 135.12 acres of the 232.77 acre stadium site, including Murphy Canyon Creek.
SDSU proposes to pay the City $86.2 million for the property.
In addition to the purchase price, SDSU will be providing benefits worth millions of dollars to the city.
The University will construct a new multi-use stadium for SDSU Division I collegiate football and other sports and entertainment events.
Immediately upon taking ownership of the property, SDSU will assume responsibility for ongoing maintenance and upkeep of the existing stadium, saving the City approximately $5-10 million per year.
The University will pay to demolish the existing stadium safely and responsibly at a cost of $10-15 million.
SDSU will design, construct and maintain in perpetuity the 34-acre River Park at an estimated cost of $30 million in the first year and $578,000 each year thereafter. The University will commit to constructing the River Park within seven years of taking ownership of the property.
The University will deliver more than $26 million in off-site and on-site traffic improvements. Additionally, SDSU will design and construct the two-lane Fenton Parkway Bridge.
SDSU will set aside 10% of housing onsite as affordable housing units, which may include student housing.
Dear San Diego City Councilmember,
More than 125 years ago, San Diego State University put its first shovel in the ground of this great City.
To hundreds of thousands of alumni and millions of San Diegans, SDSU’s history is our own.
Now, we have an unprecedented opportunity to secure that history for future Aztecs for Life.
It's an opportunity for the State and the City to work together, as they did to create UCSD.
It’s an opportunity to protect our environment and repair our once-beautiful river.
It’s an opportunity to build a Riverpark instead of a strip mall.
It’s an opportunity to prioritize education, research, and technology.
And it’s an opportunity to plant the heart of an economic boom in place of a parking lot.
It is both unfortunate and unexplainable that some politicians at the City have taken an adversarial attitude toward the voters who approved SDSU Mission Valley.
We are not in a battle with each other. We are a community, partners, ready to pursue opportunities together.
Please, do not pass on this opportunity. Lead.