The city of San Diego and SDSU "appear to be at least" $18M apart in their "respective views on the value of prime Mission Valley real estate" where the school plans to build a 34-acre river park, according to Jennifer Van Grove of the SAN DIEGO UNION-TRIBUNE. The city yesterday "released an independently prepared draft appraisal for the site that assigns a fair market value" of $68.2M, in '17 dollars, to the property when factoring in more than $253M in deductions. Other "newly released documents" suggest that the city "believes the site's value is closer" to $86.2M. The discrepancy "comes as the two public entities hammer out the terms of sale for 132 acres of city-owned land -- or the bulk of the parcel currently occupied by SDCCU Stadium and its parking lot." In November, voters "passed a citizens' initiative that created a framework for SDSU to buy the property, where it is proposing to build a 35,000-capacity stadium and satellite campus, at a price that is 'fair and equitable.'" Talks are "ongoing but a formal term sheet has yet to materialize" (SAN DIEGO UNION-TRIBUNE, 10/9).
