The City of Albuquerque has entered into a lease agreement with the New Mexico United to build a sports stadium and event center, should voters approve in November.
If passed by voters, the city will invest $50 million in bonds for the 10,000 to 12,000 seat stadium, and the team will invest $32 million over the next 25 years, KRQE reported.
"It's a commitment that we believe in New Mexico. We believe deeply in our state. We believe deeply in our city. We are willing to put not just our capital, but all of our resources behind it," New Mexico United owner Peter Trevisani told KRQE.
The city will receive $800,000 a year from the team, in an additional $100,000 minimum a year for concessions and revenue generated, according to the agreement.
"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," Trevisani said.
As part of the agreement, the city and the team would also work to bring a women's team to Albuquerque, and the city would also have permission to use the stadium for events 15 times a year.
