***Updated June 19, 2015***The City of Coralville received preliminary approval for $9,532,000 in funding from the Iowa Economic Development Authority’s Reinvestment District program. The requested funds would support construction of a new 7,000 seat multi-use arena, fitness/sports performance center, and permanent home for the Johnson County Historical Society Museum and Antique Car Museum of Iowa. Other elements of the $185 million project in the Iowa River Landing include parking and privately developed buildings offering residential and commercial space and two new hotels.
About the Iowa Reinvestment District ProgramThrough the Iowa Reinvestment District program, a municipality may receive 4% of the retail sales that are subject to sales tax, and 5% of the sales subject to the state hotel and motel tax, for new development in a district to support eligible projects. This program does not create additional sales tax paid by consumers; it diverts existing sales tax revenues from the state to a municipality to support projects that improve the quality of life in a community.
Application ProcessA pre-application requesting $12 million in funding was submitted in March 2015. City officials and partners, including the Iowa City/Coralville Area Convention and Visitors Bureau, were invited to present the project to the Iowa Economic Development Authority board in late May 2015. In June 2015, the IEDA board approved the City to proceed with a complete, more detailed application by March 2016 for $9,532,000 in funding for the reinvestment district.
Project Financing Includes Plans for Arena to Open Debt-FreeThe City of Coralville’s investment in these projects will be a donation of property; in addition to the Iowa Reinvestment District funding, private fundraising would occur to ensure the arena opens debt-free. Other elements of the project, with the exception of the parking, will be funded privately, through fundraising and/or private financing.
View the ArenaWatch a video of the proposed Iowa Arena.
Iowa Arena & Other FeaturesElements of the project include: