SAN DIEGO -- San Diego State University on Monday presented its first official offer to buy the SDCCU Stadium site in Mission Valley.
At the San Diego City Council, meeting, SDSU presented the terms of its offer, which includes taking over costs of the current stadium and covering its demolition, plus development projects including Fenton Parkway Bridge and developing a river park.
SDSU has offered to pay $68.2 million for the site.
"We know what the property is worth," said an SDSU representative. "The $68.2 million appraise value represents the highest per acre price."
However the city has pointed out the appraisal on which SDSU has based its offer didn't take certain factors into account. City officials believe the actual fair market value of the site is about $18 million more than what SDSU has proposed to pay.
"Were the city to accept the $68.2 million in fair market value provided in the appraisal, the city would be paying for the construction of the river park, the river park maintenance and the stadium demolition," Independent Budget Analyst Andrea Telvin noted before the offer was presented.
City officials pointed to Measure G, which voters passed in November 2018. It requires that the city not pay for the construction of the river park or demolition of the current stadium.
Both parties expressed a desire to come to an agreement on the terms of the purchase in the near future.
The city council has yet to vote on the offer. SDSU hopes to conclude purchase of the site by February 2020.