CORALVILLE — The agreement between Coralville and the state for a $12 million boost to the Iowa Arena project is official.
The Iowa Economic Development Authority approved the deal this summer, and the City Council voted 4-0 on Tuesday to approve the grant agreement. The agreement allows the city to collect $12 million in sales and hotel taxes in the Iowa River Landing Reinvestment District over the next 20 years to help pay for the project.
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.
The arena is expected to hold more than 6,000 fans and provide a home for the University of Iowa club hockey team and various athletic tournaments.
Council member Tom Gill was absent from the meeting and did not vote.