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City council approves industrial revenue bond authorization for New Mexico United stadium at Balloon Fiesta Park, 8–1
Summary
The Albuquerque City Council on Feb. 3 approved an industrial revenue bond authorization for up to $30 million to support construction of a privately financed New Mexico United stadium at Balloon Fiesta Park, passing the measure 8–1.
The Albuquerque City Council on Feb. 3 authorized an industrial revenue bond application for up to $30 million for a privately funded stadium project proposed by United Athletic Club (New Mexico United) at Balloon Fiesta Park.
City staff described the financing as an IRB — a tax‑incentive mechanism that can provide a property‑tax abatement for a qualified private project. City staff and United representatives said the team will purchase any bonds itself and that no city general‑fund dollars or city credit would be used to buy or guarantee the debt. The staff memo said the project would qualify under state and city IRB rules and is intended to support tourism and entertainment industry development.
United and its ownership team said the stadium would create both year‑round jobs and seasonal event work. Ownership cited annual payroll…
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