SANTA FE – The State Board of Finance today approved a $67 million bonding package for the State Fair District Board, representing the largest state investment in Albuquerque’s urban core in decades.

The bond will fund a predevelopment plan for the Fairgrounds’ southwest corner that includes a 10-acre public park with plazas, trails, play areas and restrooms, plus pedestrian-friendly upgrades along the Fairgrounds’ boundary.

The predevelopment plan positions the Fairgrounds as one of Albuquerque’s premier public amenities: a year-round destination with parks and community spaces that will serve residents across the city for generations to come.

“We’re investing in the center of our largest city to create a destination every New Mexican can be proud of,” said Governor Michelle Lujan Grisham. “This is about building community spaces that reflect the best of what we can do when we invest in the places that matter most.”

Combined with last week’s $22.35 million bond approval for land acquisition, the state has now committed more than $90 million to the project. The funds are obligated through the State Fairgrounds District’s bonding authority.

The improvements outlined in the predevelopment plan will be delivered regardless of which master plan concept the State Fairgrounds District Board ultimately votes on.

The final master plan for the Fairgrounds will be delivered early next year, before being voted on by the State Fairgrounds District Board.

The master planning team continues to seek community and stakeholder input. New Mexicans are encouraged to submit online feedback at www.fairgroundsdistrict.nm.gov.

The New Mexico Fairgrounds District Board was created by statute in early 2025 to thoughtfully redesign the Fairgrounds and deliver new community benefits aimed at quickly improving conditions in nearby neighborhoods.

The community benefits outlined in the predevelopment plan, configured according to each of the three concepts released last week.