The City of Coralville received approval for $12 million in funding from the Iowa Economic Development Authority’s Reinvestment District program. The requested funds will support construction of a new 6,216 seat multi-use arena, fitness/sports performance center, and a permanent home for the Johnson County Historical Society Museum and Antique Car Museum of Iowa. Other elements of the project in the Iowa River Landing include parking and privately developed buildings offering residential and commercial space and two new hotels.
The award of funds from the Iowa Economic Development Authority is an important step toward the proposed arena project. The 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.
The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that will improve the quality of life, create and enhance unique opportunities, and substantially benefit the community, region, and state.
To learn more about the project, visit www.iowaarena.org.