San Diego State University on Monday upped its offer to purchase the city-owned Mission Valley stadium property to $87.7 million, potentially resolving a dispute between the two parties over the site's fair market value.
In a letter addressed to Mayor Kevin Faulconer on Monday, SDSU President Adela de la Torre said the university would agree to purchase the land for $87.7 million. That stands in contrast to the university's initial offer, made just two weeks ago, of $68.2 million.
"SDSU believes a great opportunity awaits the citizens of San Diego with the transformation of the Mission Valley stadium site into a vibrant campus community," de la Torre said.
The initial offer of $68.2 million reflected an independent appraisal commissioned by both the city and university. City officials said the figure included unfair discounts for costs the university had pledged to cover itself, namely the demolition of the old stadium and the construction of a new park along the San Diego River.
The university's revised offer includes an adjustment of about $1.5 million to account for inflation since the appraisal looked at the property's value in 2017 dollars.
City Council members are expected to discuss the new offer on Nov. 18, pending analyses from the City Attorney's office and the Independent Budget Analyst's office.
Faulconer issued a swift response to SDSU's new offer, saying in a letter Monday that he supported "the main principals" outlined in the offer.
"This proposal represents a significant step forward in allowing the parties to reach consensus on Purchase and Sale Agreement terms," he said.
SDSU said in its letter it hopes for a vote of the CSU Board of Trustees to approve their project's environmental impact report on Jan. 28 with a vote at the City Council to approve the purchase and sale agreement the following month.
