DES MOINES, Iowa — Five large developments in central Iowa will soon find out how much state money each one can receive for construction.
The Iowa Economic Development Authority is providing up to $100 million for projects through its “Reinvestment Districts” program. The local proposals that made the cut for funding are:
- A proposed professional soccer stadium and entertainment district at the old Dico tire factory near the Raccoon River in Des Moines
- A new hockey arena for the Des Moines Buccaneers at Merle Hay Mall
- The transformation of the former Crossroads Mall in Fort Dodge
- The renovation of the former Maytag complex in Newton
- Multiple improvements, including an aquatic center, along Lincoln Way in Ames
IEDA board members will decide the funding amount for each project during their meeting next week.
“It’s what they can count on to move forward to pull together the other funding sources for the project,” said board member Jennifer Cooper. “They wouldn’t be able to do them without it. There just isn’t another source of financing that could help make these work.”
The funding would come from special taxes created in each proposed district, which would ideally pay for each project in fewer than 20 years.
“The communities we’re designating can generate that sales tax over that period of time, and make sure the bonds and funding can be repaid,” Cooper said. “If we build this plaza or arena or whatever it might be, what other development can happen around that to make it a place where people want to go play?”
Construction on the projects will likely accelerate once the board makes their funding estimate next Friday.