WATERLOO, Iowa (AP) - A nonprofit announced this week that it has crossed the finish line for a $27 million fundraising goal of the Cedar Valley SportsPlex in downtown Waterloo.
Private donations covered more than 85 percent of construction costs of the 130,000-square-foot complex, which opened January 2014, the Waterloo-Cedar Falls Courier (https://bit.ly/1JkE3Dd ) reported.
The city of Waterloo contributed around $2.5 million in land acquisition for the two-block site, while the state pitched in a $750,000 grant for the project.
The Waterloo Development Corp. announced Thursday that an estimated $630,000 sales tax rebate solidified all funding commitments for the sports and recreation facility. Private pledges are expected to be paid in full over the next four years.
“From the beginning of the project we have been consistent in our resolve that this would be a world-class facility,” said Dan Watters, chairman of the nonprofit’s board. “We are delighted to have fundraising completed and the building operating successfully.”
The complex includes basketball courts, fitness and weight equipment and a field house with artificial turf for soccer.
Nonprofit and city leaders have said the facility was built to improve the health of residents in the area. They also touted the project as an economic development tool to attract and retain the workforce for local employers.
Although the complex ran a small operating deficit in the first six months of its operation, city officials say the facility is on track for revenue to meet or exceed expenses during the current fiscal year that ends June 30.
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Information from: Waterloo-Cedar Falls Courier, https://www.wcfcourier.com
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