SANTA FE — The New Mexico Senate today approved Senate Bill 48, which would authorize $92 million in bonds for the State Fairgrounds project and advance the next phase of redevelopment in Albuquerque’s International District.

The legislation, sponsored by Senate President Pro Tempore Mimi Stewart and Representative Janelle Anyanonu, now moves to the House of Representatives.

“Today’s Senate vote moves us one step closer to a historic revitalization of the International District and central Albuquerque,” said Gov. Michelle Lujan Grisham. “This bonding authority in a neighborhood with enormous potential will create the kind of mixed-use development with housing, vibrant streets and the economic opportunity that this community deserves.”

Since the project’s launch, the State Board of Finance has approved nearly $100 million in initial funding for land acquisition and infrastructure improvements, including a 10-acre public park with trails, play areas and pedestrian safety upgrades along the Fairgrounds’ boundary.

The master plan for the Fairgrounds, currently under development by Stantec design firm, will be finalized in the next few weeks. The master plan will guide decisions about the site’s future, including potential mixed-income housing, a new exhibition hall and expanded green space.

Senate Bill 48 requires approval from both chambers of the Legislature before bonds can be issued. The State Fairgrounds District Board, which includes Governor Lujan Grisham, Albuquerque Mayor Tim Keller and Senate President Pro Tempore Mimi Stewart, will oversee project implementation.