Several articles in the local media have discussed the broad details of a lease agreement between the United soccer team and Albuquerque Mayor Tim Keller. The lease is scheduled to to be introduced to the council today and heard on Oct. 16. While we have not seen the lease (yet) there are a few details contained in the article above.
However, the most important question for City Council is potential cost-overruns. Back in April the LFC reported that construction costs had DOUBLED within the past year. In November of 2021 when voters overwhelmingly rejected a taxpayer financed stadium the bond was going to be for $50 million. Estimates at the time were that the stadium would cost between $65 and $70 million in total.
Now, after a doubling of construction costs (according to the LFC) the agreement 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?
Either Keller and the team are “low-balling” their cost estimates or promoting a stadium that is so “bare bones” that it won’t be long before the team is asking for new features. WHO PAYS FOR THEM?
City Council MUST clearly spell out in the lease that ANY cost overruns and future additions be paid for by the United.