Financing Complete For Cedar Valley SportsPlex
Fund-raising for downtown Waterloo's newest landmark is complete.
All pledged commitments are in place to fully pay for the Cedar Valley SportsPlex project with the recent receipt of a $630,454 sales tax rebate, the Waterloo Development Corporation (WDC) announced Thursday (May 14, 2015).
According to WDC, the $27-million facility was funded largely with private donations, totaling nearly $23.75 million. Other partners were the City of Waterloo, which contributed the land at a value of approximately $2.5 million, and the State of Iowa, which provided $750,000 through a Vision Iowa CAT grant.
"From the beginning of the project we have been consistent in our resolve that this would be a world class facility,” WDC Chairman Dan Watters said. “We are delighted to have fund-raising completed and the building operating successfully."
The 130-square-foot facility opened on January 18, 2014. Since then, total memberships have grown to more than 2,000 units. According to Waterloo Mayor Buck Clark, the membership represents a diverse and inclusive cross-section of the community.
"The membership base is truly representative of the face of the Cedar Valley," Clark said.
Current fiscal year SportsPlex operating revenues are exceeding operating expenses, according to the WDC. A wide variety of programs, athletic facility rentals, and other room rentals continue to be scheduled for coming months.
The SportsPlex is operated by the City of Waterloo Leisure Services Department.
For more information about the facility, including class schedules, membership rates, and a full list of services and amenities, visit www.CVSportsPlex.org.