DES MOINES, Iowa (WHO) — A proposal first pitched in 2019 to build a professional soccer stadium near downtown Des Moines has cleared its final financial hurdle. On Monday night, the City of Des Moines approved the last multi-million-dollar grant needed for construction to begin.
The Pro Iowa Stadium and accompanying “Global Plaza” entertainment district will be built along the Raccoon River on land that was once an EPA Superfund site. The city, county, and state are all contributing funding, with public dollars expected to cover more than half of the total cost. Once construction is complete, the over 6,000-seat stadium will be home to both a pro men’s and pro women’s soccer team.
The $95 million project had already secured $17 million from Polk County, more than $23 million in tax rebates from the Iowa Economic Development Authority, a $5 million Destination Iowa Fund Grant, and a $1.5 million pledge from the city of Des Moines. During Monday’s council meeting, members unanimously approved an additional $7 million through a Tax Increment Financing (TIF) grant. That funding will be provided only once the project is completed and will be repaid using revenue generated by the development, said city leaders.
“Part of it is the sale of (sic) our parking garage, which we’re going to need parking down there,” said Joe Gatto, Councilman for Ward 4. “So we’re, we’re taking that and moving the dollars to the plaza and for parking down there. And then the additional TIF dollars- the $4-million is project-generated from his project. So it is generated from the stadium, from what he’s building down there.”…