City councilors approve $30M bond for New Mexico United

Albuquerque City Council approves $30M bond for New Mexico United stadium

The $30 million is an industrial revenue bond, meaning United will get some tax relief while they build the stadium and will pay back the money with revenue they generate.

ALBUQUERQUE, N.M. — Albuquerque city councilors approved a $30 million industrial revenue bond for New Mexico United to help build and maintain a stadium at Balloon Fiesta Park.

Councilors voted 8-1 to approve the bond. The bond is a tax incentive that limits how much the developer pays in taxes so it doesn’t strain development. Often, the bond is repaid with the revenue generated from the development.

Last year, the city approved plans to build the soccer stadium at Balloon Fiesta Park. The proposal has run into opposition from neighbors in the area who already filed an appeal in court.