The City Council on Tuesday got a number for the value of the Qualcomm Stadium site that a group of investors would likely need to pay in order to pull off the SoccerCity plan for Mission Valley: $110 million, according to a third-party appraisal.
Now, the ball is in FS Investors’ court: “If this is indeed the mayor’s determination of fair market value the investors would have to pay, all eyes would turn to the SoccerCity team to see if they still want the deal,” write Scott Lewis and Andrew Keatts.
The huge potential price tag for the land could completely flip the politics of the SoccerCity plan.
Democrats on the City Council have indicated they don’t want to call a special election for later this year. The appraisal could change their minds: “There needed to be something a Council member could point to as explanation for a change of heart. The city’s land appraisal may be that thing.”
The Mayor Has More Power Than Anyone Realized
Earlier this week, the City Council decided to not spend $5 million on a special election this fall so voters can weigh in on the SoccerCity project and boosting taxes on hotel patrons to support a convention center expansion plus a coulee other things. Mayor Faulconer plans to veto this part of the budget and restore the funding. That last part is raising a bit of a ruckus.
As our Scott Lewis and Andrew Keatts report, this hasn’t happened before. Mayors have vetoed budget spending twice since the city moved to give mayors more power, but it hasn’t been clear whether they can put money back in. The city attorney, however, says this is fine, to the surprise of some city watchers.