On Feb. 3, the Albuquerque City Council approved the issuance and sale of a $30 million Industrial Revenue Bond to fund the construction and maintenance of a stadium for New Mexico United.
Plans for the stadium were first approved by the City Council by an 8-1 vote in August 2024.
IRBs are private activity bonds issued by local or state governments on behalf of private companies for projects, according to Investopedia.
Sponsored by City Councilor Joaquín Baca, O-25-71 passed 8-1.
The stadium is set to use seven acres of land at Balloon Fiesta Park and hold over 10,000 people.
New Mexico United told the City Council during the meeting that no tax dollars will be used for the project, with the exception of incidental circumstances.
The stadium also comes with a planned $40 million investment by New Mexico United.
Maria Fernandez is a beat reporter and photographer for the Daily Lobo. She can be reached at news@dailylobo.com or on X @dailylobo
