Over the past two years, I’ve written three articles discussing the obsession that some native leaders in New Mexico have with constructing a soccer stadium. In 2022, officers requested voters to fund a brand new stadium for the New Mexico United, the native soccer group, which might have value taxpayers upwards of $50M and counting. As one native information station summarized it: “Voters overwhelmingly stated no”. Voters noticed by the pretend promise of job creation and financial glory.
After a number of months handed, the thought of constructing a brand new soccer stadium but once more got here up, because of the mayor displaying up on a bit of property and telling the world that this is able to be “the long run dwelling of a New Mexico United soccer stadium”. Oh, and the town demanded $50 million from taxpayers for this new stadium, though the general public obtained no justification for that determine. After quite a few different native leaders famous how ridiculously rushed the method was turning into, this concept died down for some time.
Guess what’s coming again? A brand new soccer stadium! However excellent news for everybody as the town has confused that “no tax {dollars} will likely be used to construct the stadium itself” and that the group will likely be paying for it “all”. Besides, only a few small issues.
“The (metropolis) council is about to take a look at the tax incentives that might be provided to New Mexico United for constructing their stadium at Balloon Fiesta Park…On Monday, the town council is about to go over the IRB, or industrial income bond, being provided to NM United, to assist fund the stadium” — KRQE, 02/02/2025
Nonetheless, by claiming that no tax {dollars} could be utilized and that the group could be accountable for the whole stadium building, the town purposefully deceived the general public. New Mexico United is completely getting taxpayer assist to construct this new stadium. The group will likely be eligible for tax incentives that permit it to not pay any property taxes for the following 20–30 years. For anybody who doesn’t know, IRB’s are tax incentives that permit a enterprise to restrict how a lot property tax that they’ll pay over the next 20–30 years.
Most common taxpayers don’t care if their sports activities group are exempt from property taxes. However there’s a cause so many sports activities groups require property tax exemption for a brand new sports activities venue. It saves them a LOT of cash. One estimate reveals (Per FieldOfSchemes.com) that 79% of the 126 stadiums and arenas for the NFL, MLB, NBA, NHL, and MLS are totally exempt from property taxes. That signifies that cities have misplaced round $650 million {dollars} in property taxes. Issue within the constructing’s life for all groups, and we now have $18 billion {dollars} of misplaced income.
“There’s no purposeful distinction between a authorities slicing a sports activities group proprietor a $100 million examine and one granting them $100 million in tax breaks” — Geoffrey Propheter, “Main League Sports activities and the Property Tax” (2022)
When KOAT, a neighborhood information station, obtained their palms on a lease settlement between the group and the town, they discovered if a stadium was constructed, there could be “plenty of taxes the New Mexico United soccer membership is not going to must pay”. One other subsidy would come from the group being allowed to deduct “tools bought within the building” from their gross receipts tax invoice. Let’s not overlook the tens of millions spent by taxpayers on the present dwelling of New Mexico United. What else? We don’t know, and the group gained’t present us. Naturally, they’ll have “particulars to share” with the general public as soon as an “settlement is in place”. How good of them to indicate the general public as soon as the taxpayers can’t do something.
One different factor:
“The town has confused that no tax {dollars} will likely be used to construct the stadium itself….Nonetheless, the town will likely be paying $30 million to enhance the parking zone, lights, in addition to bogs at Balloon Fiesta Park the place the stadium will likely be situated” — KRQE, 02/02/2025
When requested about this contradiction, the soccer group responded in the best way that you’d anticipate. They proceed to say that this new stadium could be “privately funded” all of the whereas throwing in a bit risk about how this challenge is useless and “can’t occur” with out the property tax financial savings and metropolis contribution.
