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Wednesday, October 20, 2021

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Rendering of SDSU Mission Valley Rendering of SDSU Mission Valley
 


“Historic Deal” with SDSU, City Agreeing on Mission Valley Stadium Site Purchase Agreement

The city council, during a special meeting on May 29, gave its final direction on and approval of the purchase and sale agreement for the Mission Valley site.
By SDSU News Team
 

“We have reached a pivotal milestone moment. SDSU Mission Valley will be a true revitalization of public land in all aspects of the plan.”

Taking another major step to deliver on a voter-approved vision for Mission Valley, the San Diego City Council Friday voted unanimously to move forward with a Purchase and Sale Agreement (PSA) between the city and San Diego State University. 

The vote of support gives way for the purchase of the Mission Valley stadium site, and the historic agreement calls for the development of a world-class campus, multi-use stadium and river park. 

“Today, a new future for Mission Valley took shape, one with an expansive river park, a new stadium and a world-class campus that will serve our region for generations to come,” said San Diego Mayor Kevin Faulconer.

“Both parties wanted to get this done right, and the time and thoughtfulness put into this agreement have created a final product San Diegans can be proud of,” Faulconer said. “This agreement is fair and equitable, and I want to thank Council President Gomez, City Attorney Elliott and SDSU for their commitment.”

SDSU and the City have spent 18 months negotiating an agreement that is fair, protects taxpayers, and fulfills the spirit of Measure G passed by voters in November of 2018. The agreement allows for the expansion of SDSU, 80-acres of park and open space along the San Diego River, and up to 4,600 market-rate and affordable housing units.

“We have reached a pivotal milestone moment. SDSU Mission Valley will be a true revitalization of public land in all aspects of the plan,” SDSU President Adela de la Torre said. "We are thrilled to take this critical next step toward closing the sale and creating generational opportunities for all San Diegans.”

De la Torre also gave substantial appreciation to CSU Board of Trustees member Jack McGrory, and to all the members of the negotiation team.

SDSU Mission Valley is set to provide educational opportunities for up to 15,000 additional students and expand the university’s economic impact by an estimated $3 billion per year.

The council approval lays the groundwork for a final PSA, which requires two City Council hearings for June 9 and June 23. Following those actions, a 30-day referendum period is legally required before Faulconer can sign the agreement and escrow can be initiated. SDSU expects to take ownership of the property in late July 2020.

City Attorney Mara W. Elliott led the city's legal team, which spent considerable time minimizing the city's exposure to liability, protecting the Pure Water recycling program, and avoiding costs to taxpayers and water and sewer customers.

"I'm proud that through long and difficult negotiations we reached agreement on the deal San Diegans voted for – one that is fair and equitable and benefits the public," Elliott said. "That's a victory for both SDSU and the city, which was always the goal."