scp-photo

A Strong Deal for Albuquerque Laid Out in Letter of Intent

City, NM United Announce Potential Lease Agreement with Commitments to Local Community

Sept. 23, 2021

Today, the City of Albuquerque and New Mexico United announced the terms of a long-term lease and development agreement, should voters approve the Stadium Bond, that will not raise taxes, on this November’s ballot. If the bond passes, the lease agreement includes a $32.5 million contribution toward the stadium project by New Mexico United, and the team is committed to paying for the day-to-day operating costs. The agreement also outlines the use of local food and beverage vendors, a provision to bring a women’s soccer team to Albuquerque, and a community benefits agreement with any neighborhoods the stadium could be built near.

“This is a strong deal for Albuquerque, especially compared to other deals of its kind,” said Lawrence Rael, Chief Operations Officer for the City of Albuquerque. “If voters decide they do want to approve the bond and move forward with a publicly owned stadium, they will know that there is a major commitment of private funding and effort going in as well. Alongside the major investment, this deal also demonstrates a commitment to the local community with the use of local food and beverage, bringing a women’s team to Albuquerque and ensuring a Community Benefits Agreement with surrounding neighborhoods.”

Over the last two years, the State Legislature also provided roughly $8 million for the city-owned stadium.

New Mexico United owner Peter Trevisani stated, “New Mexico United is committed to our fans, to the stadium, and to Albuquerque for the long haul. The Albuquerque Isotopes will be 20 years old next year. This agreement commits us for 25 years, and hopefully much, much longer.”

Ernie C’ de Baca, President and CEO of the Hispano Chamber of Commerce, stated, “Albuquerque needs this stadium,” said Ernie C’ de Baca, President and CEO of the Hispano Chamber of Commerce. “It’ll create 500 jobs and $27 million during the construction phase, and 280 full-time jobs when in operations—all without raising taxes by a single dime. This stadium is the shot in the arm our community needs right now.”

The Letter of Intent contains additional provisions guaranteeing the City’s exclusive use of the stadium for at least 15 days a year for other purposes such as community events and performances. Today’s agreement goes hand–in-hand with a Community Benefits Agreement, and further commits the team’s support for the CBA with funding and services.

If the bond for the multi-purpose stadium is passed, the City will have additional bonding capacity. The administration will request that city council direct those funds to housing, on top of the City’s existing investments in housing and homelessness.

Voters will consider the stadium bond in this year’s municipal election on November 2, 2021. View the full letter of intent.