On Feb. 3, the Albuquerque City Council approved $30 million in city-issued bonds to help finance a proposed stadium for the New Mexico United soccer team.
The council approved the funding as Industrial Revenue Bonds, also known as IRB’s.
While the city of Albuquerque will own the facility located at Balloon Fiesta Park, a private entity will have to purchase the bonds from the city.
The stadium is proposed to be built on seven acres inside Balloon Fiesta Park and hold about 10,000 people.
According to councilors, the $30 million bond will also be used to improve the parking lot, lights and bathrooms at Balloon Fiesta Park.
The council passed the measure on an 8-1 vote.