Updated December 2018
The City and SDSU are finalizing their negotiation teams with the goal of completing negotiations in the first quarter of 2019.
Also, the California Environmental Quality Act (CEQA)/Environmental Impact Report (EIR) process will begin in early 2019 with the goal of ultimately beginning construction in 2020.
Initial site development costs include the land purchase, site infrastructure, river park, and off-site mitigation (as part of the CEQA process). The multi-use stadium is estimated to cost $250 million. The construction and operations will be covered by revenue generated by the facility (e.g., ticket revenue, facilities rental revenue, naming rights, sponsorships, donations); the remaining development will be financed through public-private partnerships (P3s).
The CSU has completed dozens of P3s, and successful examples within and outside of the CSU include:
You can learn more about P3s by reading “Moving Forward on Public Private Partnerships: U.S. and International Experience With PPP Units” online.
Updated November 2018
Also, public-private partnerships (P3s) will be a significant source of funding for the campus expansion, and will be utilized for the housing, retail and campus innovation district buildings. These partnerships will allow SDSU to have access to new space without taking on additional financial risk inherent in the construction and operation of a building. Also, P3s would still generate property tax revenue because they will be shared spaces with industry.
SDSU will also utilize revenue bonds through the California State University system for the initial investment to prepare the land for development and construct the river park. This is not the same as taxpayer dollars. These bonds can only be used for revenue generating projects like this and will be paid back by revenue generated by the site itself.
Also, every dollar invested in Mission Valley will return to our public university, our students and the City through the economic return of higher education. The dividends will come in the form of a better trained workforce and greater economic development. The project will also enable the university and its partners to help people expand their livelihoods, finding solutions through research and other growth across all sectors.
We need a place to play and want to ensure Aztec Football is here for generations to come. As this stadium will likely be the only one built in San Diego for quite some time, we want to ensure it can be used for other large-scale events benefiting the entire San Diego region and its visitors.
Updated October 22nd 2018