Plans for a new University of Iowa arena have moved forward, as the City of Coralville and Iowa have agreed to a plan to help finance the project.
As was detailed here earlier this summer, the University of Iowa could place both men’s and women’s hockey in the arena, while Coralvillle had also reached out to the USHL about placing a team in the venue.. Iowa Arena would host just over 4,000 for games, but the capacity would be over 6,200 for other events.
A key piece of the funding is in place, as the City of Coralville has approved a plan that was previously affirmed by the Iowa Economic Development Authority. Under this agreement, Coralville will be able to collect $12 million in sales and hotel taxes generated by the Iowa River Landing Reinvesment District. That would pay for its share of Iowa Arena, with other funding sources expected to include donations and private investment.
This agreement will run for 20 years, giving Coralville time to expand the tax base within the Iowa River Landing Project, which includes Iowa Arena. More from The Gazette:
The arena project is expected to cost $70 million. The project also includes the Iowa Fitness and Sports Performance Institute, Antique Car Museum and Johnson County Historical Society.
The reinvestment district is planned to also include a Drury Inn among other buildings.
The council also voted 4-0 to approve a contract with JLG Architects to provide architecture services for the arena and other projects around the Iowa River Landing. With the contract, the city agreed to pay a fee of 6.25 percent of the work on the Iowa Arena.
Under the city’s current timeline, the arena will open in 2019.
Image courtesy of the City of Coralville.
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