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wrbanwal

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SDSU gets $310M for Mission Valley stadium

https://www.sandiegouniontribune.com/business/growth-development/story/2020-03-24/sdsu-mission-valley-stadium

University’s board OK’s stadium design and project cost amid ongoing property negotiations with the city
By JENNIFER VAN GROVE
MARCH 24, 2020
2:11 PM
San Diego State University has secured the financing and board approvals needed to build its proposed 35,000-person football stadium in Mission Valley, meaning the school is in position to start construction as soon as it buys the land from the city of San Diego.
Tuesday, the California State University Board of Trustees, which convened virtually, amended its budget to accommodate the project, OK’d the stadium design and agreed to issue $310 million in revenue bonds to fund stadium construction.

“While the negotiations with the city on the purchase and sale agreement are progressing, they are not yet complete. Still, we seek the board’s support for the multi-use stadium to keep the project on schedule for use of the stadium in 2022,” SDSU President Adela de la Torre told the trustees. “It was a tight schedule to begin with, and if we do not make it, it will not be for lack of coordinated CSU efforts.”
The latest approvals supplement the governing body’s January blessing of the university’s development plan for the entire 135 acres it plans to buy from the city.

However, at the local level, much still hangs in the balance with the COVID-19 pandemic disrupting the city’s standard business practices.
The yet-to-be-consummated land deal started with the November 2018 approval of Measure G. The initiative, which is now a part of the city’s municipal code, defined both high-level parameters for the deal and future development of the site.

City leaders and university officials are aligned on major deal points, such as the $87.7 million base purchase price offered by SDSU, and the school’s need to build and pay for a city-owned river park.
 

wrbanwal

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The entire project is anticipated to be completed in 2037 at a total cost of $3 billion, although the public institution’s initial priorities include the stadium and a $54 million river park.
:eek::eek::eek:

I'll never see it

:cry::cry::cry:
 

SDRay

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San Diego Council Vote Signals Extended Talks on SDSU Stadium Land


The San Diego City Council voted 7-2 Tuesday to extend the contract of the law firm working on the city’s behalf to sell the Mission Valley stadium property to San Diego State University, a step that could lead to more negotiations in what some council members thought was a done deal.

The law firm Kane, Ballmer & Berkman was initially contracted for $250,000 to assist city attorneys and complete the sale of the property on Friars Road.
Tuesday’s amendment to the contract adds another $150,000 to the bill as negotiations continue.
SDSU intends to turn the property into a secondary campus and build a 35,000-seat stadium, classrooms, affordable housing and a river park on the land. On May 5, the university sent a signed purchase and sale agreement for the city to consider.
Initially, the university sent the agreement with the plan to place it on the city council’s docket for consideration Tuesday, but Mayor Kevin Faulconer’s office responded to the agreement with some considerable revisions, necessitating the agreement to come before full council at a later date.
That delay resulted in additional costs for the services of Kane, Ballmer & Berkman, which has represented others cities in the past in similar deals, including Inglewood’s National Football League stadium purchase.
Council President Pro Tem Barbara Bry has been vocal with her frustration over the delay in recent weeks, noting that the city cannot afford to waste time and money while facing a $300 million COVID-19-related budget shortfall.

“Further delay runs the real risk of torpedoing this deal for all time,” she said. “We need to approve the agreement and get this on the docket.”
In November 2019, SDSU revised an initial offer of $68.2 million up to $86.2 million for the city-owned property, which includes SDCCU Stadium.
SDSU’s planned “Aztec Stadium” is estimated to cost $310 million and will be funded through donations as well as system-wide revenue bonds that will be paid back with revenue generated by the facility — including ticket revenue, naming rights and concessions.
San Diegans voted 54.4% in favor of selling the stadium property in 2018 as part of Measure G. The city currently operates the stadium at a loss of $12 million per year, city staff said Tuesday.
Nearly all the council members agreed the sale should be approved as soon as possible. Councilman Mark Kersey said he was reluctantly supporting the amendment to the law firm contract, and was doing so only because the city’s bill with the firm had already topped $200,000. He urged city staff to report sooner next time when the bill was coming due.
Councilman Scott Sherman agreed that the voters made their will clear in 2018, but he supported using caution and taking time to make sure the deal was done right.

“We’ve had deals in the past we were told to move quickly on or they would be gone,” he said, referencing 101 Ash St. and Othello Avenue, two real estate deals the city had expedited in the past several years only to find out after the fact renovations were required or major health hazards prevented occupation. “And it turned out it wasn’t such a good deal after all.”
Councilman Chris Ward agreed, stating time was of the essence, but it was “important to get the details right.”
When the purchase and sale agreement was first submitted to the city, SDSU President Adela de la Torre this month said the university’s lawyers believed they had met all the legal requirements.
“After well over a year of negotiations, including hundreds of hours of meetings, my team and I believe this agreement encompasses and addresses all major issues for the city of San Diego, the California State University and San Diego State University,” she said. “What is before you today is fair and equitable to both parties and represents the best interests of the public that we both serve.”

In a response document to concerns raised by City Attorney Mara Elliott, the university pledged to complete the sale as soon as possible, obey the city’s water and environmental regulations, accept all liability for environmental and wage issues after the sale was completed and “is in no way backing away from its extraordinary commitments” toward developing affordable housing on the site.
— City News Service
San Diego Council Vote Signals Extended Talks on SDSU Stadium Land was last modified: May 19th, 2020 by Ken Stone
 

Fender57

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Good. Don’t just hand the land over without getting full value for the land. The will of the people said the land should be sold to SDSU, not given to them.
 

Gill Man

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I'm still pizzed that land is not being used for a multicomplex stadium/sports arena PLUS development and with an NFL owner. It's stupid. I love the Aztecs and all but for them to get the entire enchilada and not make that land available for pro sports is a crime.Mission Valley is the site where the NFL/NBA/NHL should all be looking to have major events because SD is the greatest town in America for a sports road destination, EVERYONE had been booking tickets to SD in the winter months especially. So why should the Aztecs have it all?????? Voters should have just turned it down. Of course then the corrupt CC would have sold to some developer who had zero interest in sports. I'm wondering why Joseph Tsai, with all those billions, is not somehow involved in negotiations for that land????

I just think the revenue generated for the city from major events to a big sports center in SD would be awesome. This city is too shortsighted to see that. And if the NFL wanted a media center SD would have been far better than LA that cares little about the NFL as they've now demonstrated for five years. They love their Dodgers and Lakers and Kings and USC/UCLA.....they look the other way for the lambs and chuggers especially. They cared less for 20 years they didn't have a pro football team.

If you want a really gorgeous setting for an NFL media center, try Mission Valley. But NOOOOOOOOO. Jerrah and Kroenke and Goodell had to go to great big flatulent LA. Enjoy the jet noise and jet fuel and stench of Inglewood and surrounds you morons.
 

Quetzalcoatl

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I am bypassing the politics here to tell you about something I heard. Are the Aztecs seriously looking into playing sports outside California? Since the Spanoses left us, I have joked that I was an Aztec until SDSU pulled a Spanos and ditched San Diego. Why are all the San Diego sports jokes so tragically real?
 

Gill Man

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I am bypassing the politics here to tell you about something I heard. Are the Aztecs seriously looking into playing sports outside California? Since the Spanoses left us, I have joked that I was an Aztec until SDSU pulled a Spanos and ditched San Diego. Why are all the San Diego sports jokes so tragically real?
I haven't followed that, you mean because of covid and the lockdown policies here? If that's the reason it's lame to begin with but I'm guessing would only be temporary. If there is some other nefarious reason that would not be good at all.
 

Quetzalcoatl

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I haven't followed that, you mean because of covid and the lockdown policies here? If that's the reason it's lame to begin with but I'm guessing would only be temporary. If there is some other nefarious reason that would not be good at all.
Oh wait. I was wrong. We aren't considering playing outside Cali; we are thinking of playing in Carson. I was wrong. The sad saga of the San Diego sports fan continues to spiral down the toilet.

 

Gill Man

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Oh wait. I was wrong. We aren't considering playing outside Cali; we are thinking of playing in Carson. I was wrong. The sad saga of the San Diego sports fan continues to spiral down the toilet.

LMAO...playing at Dignity Stubout.......jeebus what a joke. Im sure fans will head there in droves to see the might Aztecs.
 

Gill Man

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StubHub Dignified Soccer stadium......Montezuma's Revenge.
 

Fender57

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Gill Man

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L.A. Aztecs! Let's do it for famous Los Angeles Aztecs Marshall Faulk and Kawhi Leonard.
ok so thats 2 fans that might show up if they aren't going to some Hollywood gala event or playing basketball instead or announcing or watching the Dodgers/USC/UCLA/Lakers.
 
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Harryo the K

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Look...they're looking for leverage. Going outside SD County would not sit well with SDSU
Donors and the Dignity would also have a lease cost, and seating 26,000 it is not like we're talking the LA Coliseum and playing the Trojans every week.
 

Fender57

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Look...they're looking for leverage. Going outside SD County would not sit well with SDSU
Donors and the Dignity would also have a lease cost, and seating 26,000 it is not like we're talking the LA Coliseum and playing the Trojans every week.
They don’t really have any leverage. They need to belly up to the bar and pay the price. They maneuvered to get that land but it didn’t say the city had to just hand it to them. Besides, why Carson when they can just play at Southwestern College. I went to a game two years ago and it was pretty damn empty, I couldn’t believe it. They’d easily fit their fan base into a JUCO stadium here.
 

Gill Man

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They don’t really have any leverage. They need to belly up to the bar and pay the price. They maneuvered to get that land but it didn’t say the city had to just hand it to them. Besides, why Carson when they can just play at Southwestern College. I went to a game two years ago and it was pretty damn empty, I couldn’t believe it. They’d easily fit their fan base into a JUCO stadium here.
yeah exactly.......that sounds like some stupid spanos thinking,,,,,,threaten to play outside the city. They can easily play here in another venue and Southwestern would work fine. A part of me hopes the deal falls thru so a full complex for sports to accomodate any future expansion to include pro teams would be possible. Why give them everything in that primo location????? But then another part of me knows the corrupt city officials would make a deal with a developer and hand it over for a bunch of crap development with zero sports/parks.

Big threat LMAO....so what are they gonna do....play games in LA and then eventually move the campus there????? LOLOLOLOL The Carson State University, specializing in eductation for oil drilling and the energy industry and pollution mitigation.....The MIghty Carson Asstechs.
 
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Fender57

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yeah exactly.......that sounds like some stupid spanos thinking,,,,,,threaten to play outside the city. They can easily play here in another venue and Southwestern would work fine. A part of me hopes the deal falls thru so a full complex for sports to accomodate any future expansion to include pro teams would be possible. Why give them everything in that primo location????? But then another part of me knows the corrupt city officials would make a deal with a developer and hand it over for a bunch of crap development with zero sports/parks.

Big threat LMAO....so what are they gonna do....play games in LA and then eventually move the campus there????? LOLOLOLOL The Carson State University, specializing in eductation for oil drilling and the energy industry and pollution mitigation.....The MIghty Carson Asstechs.
That’s right, the big risk is the city just handing it over to some carpetbagging developer. Fortunately there was a vote so this SDSU thing must be played out as mandated by the voters. There is nothing in there that says this deal must proceed in a hasty manner. Maybe it takes 10-20 years, enough time to get rid of Spanos, bring the Chargers back here under new ownership who can become a viable partner with SDSU to help develop that land into SDSU West but with a stadium that accommodates the NFL and SDSU. There is NO RUSH to get this going.
 
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Quetzalcoatl

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What exactly is being discussed here? Are we talking about the Murph land? If so, let it be known I don't want that land used for sports again. This would be a great space to put all the stuff NIMBYs don't want in their backyards. If it were me, I would make it a medical-marijuana farm/use facility encircling a Colusses-sized statue of Spanos getting kicked in the balls by Fouts. But I get that most of the rich carpetbagging anti-fun people who have taken over my hometown wouldn't want that. So that's fine. Just don't use it for sports.

And Fender is right. Our Aztecs football support is too weak to justify a real stadium. Just have our guys play at Fiesta Island. It is way more fun there anyway. I always thought the beach was the perfect place for football.
 

Fender57

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Should have gone with Soccer City.
Even worse. They actually had a timeline built into their proposal - if the stadium did not receive the funding needed by a certain amount of time (I think it was five years) the developers were free to change course - meaning no stadium and plenty of condos and strip malls (which I think was their plan all along). Extremely risky since there was no guarantee they’d get an expansion franchise. That’s why the SDSU deal was the lesser of two evils. The natural propensity for this city to drag its feet is what this needs - the worst thing to do is be hasty. And now SDSU is trying to do just that, be hasty. Well if you want to speed it along, pay the full price, stop with the nickel and diming.

There is no rush to make this thing happen tomorrow.
 
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Gill Man

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Even worse. They actually had a timeline built into their proposal - if the stadium did not receive the funding needed by a certain amount of time (I think it was five years) the developers were free to change course - meaning no stadium and plenty of condos and strip malls (which I think was their plan all along). Extremely risky since there was no guarantee they’d get an expansion franchise. That’s why the SDSU deal was the lesser of two evils. The natural propensity for this city to drag its feet is what this needs - the worst thing to do is be hasty. And now SDSU is trying to do just that, be hasty. Well if you want to speed it along, pay the full price, stop with the nickel and diming.

There is no rush to make this thing happen tomorrow.
Hope they make them wait for an eternity. They always act entitled. IIRC they didn't help much at all in trying to work with the city to make the stadium work for all....weren't they more freeloading?
 

Fender57

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Hope they make them wait for an eternity. They always act entitled. IIRC they didn't help much at all in trying to work with the city to make the stadium work for all....weren't they more freeloading?
They didn’t lift a finger. They wanted the Chargers to leave. There was a guy over at the Powder Blues who was a big time SDSU alum and he always talked about the arguments he had with his fellow alumni, they couldn’t wait for the Chargers to leave so they could have that land. He always argued that the last thing SDSU wants was for the Chargers to leave because the university had no real fan base to support a major stadium. And that is looking to be the case.

Beware what you wish for because it might come true. And they threaten the city with the whole moving to Carson bullshit? LMAO. They’re trying to pull a Fibiani to put pressure on the city. They must be laughing at city hall over this one.
 
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Gill Man

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They didn’t lift a finger. They wanted the Chargers to leave. There was a guy over at the Powder Blues who was a big time SDSU alum and he always talked about the arguments he had with his fellow alumni, they couldn’t wait for the Chargers to leave so they could have that land. He always argued that the last thing SDSU wants was for the Chargers to leave because the university had no real fan base to support a major stadium. And that is looking to be the case.

Beware what you wish for because it might come true. And they threaten the city with the whole moving to Carson bullshit? LMAO. They’re trying to pull a Fibiani to put pressure on the city. They must be laughing at city hall over this one.
that's what I thought. Just personally pizzed they are getting that land. I mean I've always rooted for them obviously,,,they are our large college hometeam but the fact they wished the bolts leave town makes me want to tell them to eff off and go find some other land so this can be saved for a sports complex for pro sports first, maybe give them an opportunity to utilize and rent but other than that eff off. Too bad the voters gave it to them, although agree it is better than the soccer deal. Lesser of 2 evils. WTF. Same ol' for this town. Where the hell is Joseph Tsai when you need him? There will never be a better environment to tailgate for major sporting events. SDSU is not worthy to have that all to themselves. Eff them.
 
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