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SAN DIEGO — San Diego State University is planning to offer the city as much as $68.2 million for the 132 acres that surround SDCCU Stadium.

The university plans to build a new stadium for the Aztec football team that would seat 35,000 fans, along with develop the surrounding area with mixed-use shops and housing.

The city has been in confidential negotiations with SDSU for months and now the college says they are ready with an offer for the full City Council on Monday.

Mayor Kevin Faulconer’s office says they haven’t officially seen the offer but released this statement about the possible deal:

“We are encouraged by the steps SDSU has taken and look forward to receiving their offer on Monday.”

San Diego State says their stadium configuration could be expanded to 50,000 seats to possibly house an NFL team, should one choose to move to San Diego in the future.