ALBUQUERQUE, N.M. (KRQE) – The city announced a lease agreement with New Mexico United should voters approve a stadium. If the bond passes in November, the city will invest up to $50 million to build a 10,000 to 12,000 seat facility for the team.
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The team in turn will invest $32 million of its own money toward the stadium for the next 25 years. “Ten million of which is a capital contribution upfront for a facility that is a publicly owned facility, not a facility owned by us. It creates 780 jobs and the beautiful thing is this doesn’t raise your taxes,” said the owner of New Mexico United Peter Trevisani.
Under the agreement, the team will pay the city $800,000 a year and $100,000 a year minimum for concessions and revenue generated from the facility. Of course, the city is hoping to build a stadium near the Rail Yards at a cost that could reach $80 million depending on the amenities like luxury boxes and canopies which are common in classic soccer stadiums.
If voters sign off on the $50 million bond in November, the city would have $68 million toward the stadium. State lawmakers would then try to secure another round of funding gin the next session. Under the deal, the city and the team will try to bring in a women’s team to play at the city-owned stadium. The city will also have use of the stadium for events and concerts 15 times a year.
Read the letter of intent below: