INTER-OFFICE MEMORANDUM September 28, 2023
TO: Pat Davis, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Lease Agreement Between the City of Albuquerque and United Athletic Club, a New Mexico limited liability company (“United”)
body
I transmit herewith for City Council approval a proposed lease at the Balloon Fiesta Park outlining the terms and conditions under which United will (i) lease and occupy the Site; (ii) build and provide adequate security to City for the performance of United’s obligations under the agreement; and (iii) schedule and play United’s home games and host other community events in the stadium.
Conditions of the agreement include (A) Tenant obtaining all necessary approvals from the United Soccer League, (B) Tenant obtaining private financing in an amount of at least thirty million dollars ($30,000,000) to build a multi-purpose stadium at the Site, (C) Tenant securing Industrial Revenue Bonds by July 31, 2024, (D) the City’s infrastructure improvements to Balloon Fiesta Park as funded by the New Mexico Legislature, and (E) the City of Albuquerque’s Environmental Planning Commission approving an amendment to the Master Plan and approving a Site Plan.
The City intends to renovate Balloon Fiesta park while maintaining and fostering the annual International Balloon Fiesta.
Lease Agreement Between the City of Albuquerque and United Athletic Club, a New Mexico limited liability company (“United”)
Approved: Approved as to Legal Form:
_______________________ ____________________________
Lawrence Rael Date Date
Chief Administrative Officer City Attorney
Recommended:
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Date
Director