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SAN DIEGO — City Council on Tuesday approved a purchase and sale agreement that formalizes San Diego’s sale of the stadium site in Mission Valley to San Diego State University.

Mayor Kevin Faulconer will sign the agreement following a required waiting period of 30 days, a city spokeswoman said.

In early August, ownership transfer is slated to take place. Construction, beginning with the stadium and the river park, is expected to begin a short time later.

“SDSU Mission Valley will create an academic and research hub helping generations of San Diegans achieve their personal, educational, and professional goals,” Faulconer and SDSU President Adela de la Torre said in a statement. “It will create thousands of jobs and strengthen our regional economy. It will also support many of the City’s goals by creating more housing, including affordable housing; enhancing mobility options with new bike and pedestrian paths; increasing transit use; and improving the quality of life for all San Diegans through the creation of a world-class river park.”