New Mexico United and the city are proposing a bonding plan for a new Albuquerque USL stadium, but there are plenty of specifics to be determined, including the need for additional private investment in the project.
Announced last night at halftime of the El Paso-New Mexico match at Isotopes Park by United Owner and President Peter Trevisani and Albuquerque Mayor Tim Keller, the bonding proposal for a new Albuquerque USL stadium comes after a consultant identified two preferred site for a new downtown stadium.
The current plan calls for a new stadium with a capacity exceeding 10,000, and expandable up to 15,000. The CAA ICON report identified the best sites, but did not identify any potential funding mechanisms. With some $9 million pledged by the state toward the project, the city will need to identify funding sources for a facility costing between $64 million and $70 million, not including land-acquisition costs.
The first step is a bond issue to be presented to the City Council on August 3. The specifics of the bond announcement were not immediately available, but in an interview with the Albuquerque Journal, Keller said the total amount would probably be around $50 million. This would cover most, but not all of the costs of the project. The scope of the project needs to be determined as well, but for the city, an investment in a downtown stadium for a USL Championship team already proving to be a solid draw is seen to be a safe bet. From the Journal:
Of course, there are more than a few things that have to happen still before the promise of a new downtown stadium is delivered. And while “multi-use” wasn’t used in the evening tailgate announcement, the term was used in the City’s news release sent out to media shortly thereafter, and a limited number of non-United events were mentioned in the feasibility study….
JOURNAL: What will the total funding be? State and City funds?
KELLER: “For most of it, but we’re open to a private/public partnership. We’re (the city) gonna make sure and fund the minimum amount required for a stadium. But if there’s additional extras — how big it is and how nice it is, that’ll depend on other funds or matching funds from other governments and possibly other folks involved in the stadium who may or may not be with the team (other possible private entities).”
Renderings courtesy New Mexico United.
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