More taxpayer $$ seem to be heading to United Stadium

When the City of Albuquerque approved a plan for a new United soccer stadium at Balloon Fiesta Park, we believed that taxpayers would be “on the hook” for cost overruns and other expenses. After all, in 2021 taxpayers voted down a $50 million bond for a stadium expected to cost $65-$70 million near downtown.

Now, under the new agreement and after a doubling of construction costs (according to the LFC) the agreement moving forward is for the team to put up $30 million and the City to put up $13.5 million in state capital outlay dollars for a total of $43.5 million towards a stadium at Balloon Fiesta Park.

We knew something was fishy. Well, as it turns out we were right. Thanks to the massive revenue surplus generated by the oil and gas industry (and some shady dealings in the capital outlay bill) the State of New Mexico is putting up what appears to be AN ADDITIONAL $16 million for the United Stadium (see page 1).

Sadly, the exact nature of the $16 million is impossible to discern, but what else would the State spend $16 million on? NM’s capital outlay system is widely seen as a disaster and this is one of the ways the process is abused by politicians (likely the Gov. in this case).

So, in case you are wondering, the  current tally is $30 million from the team and approximately the same amount from State taxpayers. That doesn’t include opportunity costs associated with other uses of the prime real estate, the Industrial Revenue Bonds, and more.

There MAY still be more to come, but a $60 million stadium is at least plausible.

Thanks to an alert friend of RGF for alerting us to this expenditure.