Skip to content
NOWCAST KOAT Action 7 News at 5pm
Watch on Demand
Advertisement

United is pledging $10 million of its own money to build stadium

Taxpayers will still cover the majority of cost

United is pledging $10 million of its own money to build stadium

Taxpayers will still cover the majority of cost

928-871-6112? YOU’RE BNGEI ASKED TO VOTE ON A CITY BOND TO HPEL PAY FOR A NEW STADIUM FOR NEW MEXICO UNITED. THE CITY SAYS THE STADIUM WOULD HELP THEIT CY AND CUT DOWN ON CRIME WHERE IT’S BUILT BUT MANY WOERND IF IT’S WORTH IT TARGET 7 HAS BEEN REPORTING ON THE IDEA FOR WEEKS NOW AND THE TEAM IS NOW DECIDED TO CHIP IN BY MILLIONS TO MAKE IT HAPPEN 10 MILLION DOLLARS. THAT'’ HOW MUCH NEW MEXICO UNITED IS GIVING TO THE CITY TO HELP BUILD A NEW SOCCER STADIUM. IT’S A COMMITMENT THAT WE BELIEV IEN NEW MEXICO. WE BELIEVE DEEPLY IN OUR STATE WE BELIEVE DEEPLY IN OUR CITY WE’RE WILLING TPUTO NOT JUST OUR CAPITAL BUT ALL OF OUR RESOURCES. BEHIND IT. THAT MEANS THE TEAM WILL BE COVERING AUTBO 14% OF THE ESTIMATED 70 MILLION DOLLAR CONSTRUCTION COST. ANOTHER 50 MILLION WILL CEOM FROM A BOND IF VOTERS TO PROVE IT THIS NOVEMBER AND THE STATE. GET ANOTHER 8 MILLION NEW MEXICO UNITED IS MAKING AN UNPRECEDENTED COMMITMENT TO THIS THIS PROJECT UNDER THIS AGREEMENT SIGNED TODAY BY UNITED AND THE CITY. ETH SOCCER TEAM IS ALSO GUARANTEEING ANOTHER 22 MILLION IN RENT OVER THE NEXT 25 YEARS AND UNITED WILL NOT HAVE ANY OWNERSHIP STAKE IN THE BUILDING DESPITE HELPING TO FUND IT. IT WILL ALSO PAYOR F MAINTENANCE AND THE COST OF SECURITY THIS LETTER OF AGREEMENT IS ABOUT SO MUCH MORE THAN THE FINANCIAL. IT’S REALLY A PROMISE. IT’S A PROSEMI FROM OUR OWNERSHIP GROUP THAT WE’RE COMMITTED TO NEW MEXICO. IT’S A START IT IS DEFINITELY A START AND 10 MILLION DOLLARS IS NOTHING TO SNEEEZ THAT AFTER THE CITY MADE THE ANNOUNCEMENT. WE SHOWED THE AGREEMENT TO PAUL PGUESSINGF O THE TAXPAYER WATCH GROUP RIO GRANDE FOUNDATION. HAS OPPOSED THE PROJECT CERTAINLY WE WOULD LIKE TO SEE A MAJORITY OF THAT. FUNDED BY THE TEAM OR SOME INVESTOR NOT A MAJORITY OF IT COMING FROM THE TAXPAYER. THERE HAS BEEN STRONG OPPOSITION TO THE PROJECT AND TONIGHT AT SIX WE TALK WHIT KOAT POLITICAL ANALTYS BRIAN SANDEROFF ON WHETHER UNITED’S CONTRIBUTION OF THE PROJECT
Advertisement
United is pledging $10 million of its own money to build stadium

Taxpayers will still cover the majority of cost

Ownership of the New Mexico United is pledging $10 million of its own money to help build a stadium.The announcement comes weeks after criticism that the entire $70 million project was going to be completely publicly funded and on the heels of an election in which city leaders are asking voters to approve a $50 million bond to fund it.“It's a commitment that we believe in New Mexico,” United owner Peter Trevisani said in a news conference with city leaders. “We believe deeply in our state. We believe deeply in our city. We're willing to put not just our capital, but all of our resources behind it."The bond will stay the same at $50 million. The team now will be covering about 14% of the construction cost. Another $8 million is coming from the state."New Mexico United is making an unprecedented commitment to this project,” said Lawrence Rael, the city’s chief operating officer.Under the agreement signed today by United and the city, the soccer team is also guaranteeing another $22 million in rent over the next 25 years and the team will not have any ownership stake in the building despite helping to fund it. They will also pay for the maintenance and the cost of security. The agreement also calls for the owner to secure a professional women’s team within three years of the stadium opening."This letter of agreement is about so much more thank financial,” Trevisani said. “It's really a promise is a promise from our ownership group that we're committed to New Mexico."The project has faced harsh criticism from taxpayer watch groups as well as fiscal conservatives on the city council. Those critics said today they were pleased with the United’s contribution."It's a start. It is definitely a start,” said Paul Gessing of the taxpayer watch group Rio Grande Foundation. “And, $10 million is nothing to sneeze at. Certainly, we would like to see a majority of that funded by the team or some investor, not a majority of it coming from the taxpayer."The city has polled the issue over the past two years and about 63% of Albuquerque residents support a stadium. But when they are asked if they supported using taxpayer funds, the number drops to 50%.KOAT political analyst Brian Sanderoff said today’s announcement would likely sway some voters but he wasn’t sure if it would be enough to get a bond approval."For those people who are dead set against this investment, I don't think their minds would be changed,” Sanderoff said. "There are other people who would like to see private sector involvement in this public bond for New Mexico United to perhaps have some skin in the game. I think for those people, it could make a difference."Today’s announcement also set a different tone. When it was announced that the city was seeking a bond, it was done by Mayor Tim Keller on the back of a pickup truck waving a city of Albuquerque flag in front of tailgating soccer fans.Keller has been criticized by some city council members for using the bond as a way to help him win reelection in November.Today, Keller was nowhere to been seen when the United made its announcement.

Ownership of the New Mexico United is pledging $10 million of its own money to help build a stadium.

The announcement comes weeks after criticism that the entire $70 million project was going to be completely publicly funded and on the heels of an election in which city leaders are asking voters to approve a $50 million bond to fund it.

Advertisement

“It's a commitment that we believe in New Mexico,” United owner Peter Trevisani said in a news conference with city leaders. “We believe deeply in our state. We believe deeply in our city. We're willing to put not just our capital, but all of our resources behind it."

The bond will stay the same at $50 million. The team now will be covering about 14% of the construction cost. Another $8 million is coming from the state.

"New Mexico United is making an unprecedented commitment to this project,” said Lawrence Rael, the city’s chief operating officer.

Under the agreement signed today by United and the city, the soccer team is also guaranteeing another $22 million in rent over the next 25 years and the team will not have any ownership stake in the building despite helping to fund it. They will also pay for the maintenance and the cost of security. The agreement also calls for the owner to secure a professional women’s team within three years of the stadium opening.

"This letter of agreement is about so much more thank financial,” Trevisani said. “It's really a promise is a promise from our ownership group that we're committed to New Mexico."

The project has faced harsh criticism from taxpayer watch groups as well as fiscal conservatives on the city council. Those critics said today they were pleased with the United’s contribution.

"It's a start. It is definitely a start,” said Paul Gessing of the taxpayer watch group Rio Grande Foundation. “And, $10 million is nothing to sneeze at. Certainly, we would like to see a majority of that funded by the team or some investor, not a majority of it coming from the taxpayer."

The city has polled the issue over the past two years and about 63% of Albuquerque residents support a stadium. But when they are asked if they supported using taxpayer funds, the number drops to 50%.

KOAT political analyst Brian Sanderoff said today’s announcement would likely sway some voters but he wasn’t sure if it would be enough to get a bond approval.

"For those people who are dead set against this investment, I don't think their minds would be changed,” Sanderoff said. "There are other people who would like to see private sector involvement in this public bond for New Mexico United to perhaps have some skin in the game. I think for those people, it could make a difference."

Today’s announcement also set a different tone. When it was announced that the city was seeking a bond, it was done by Mayor Tim Keller on the back of a pickup truck waving a city of Albuquerque flag in front of tailgating soccer fans.

Keller has been criticized by some city council members for using the bond as a way to help him win reelection in November.

Today, Keller was nowhere to been seen when the United made its announcement.