Coralville to own new arena

CORALVILLE - Coralville officials have selected a familiar construction company to tackle the city's $70 million arena and sports complex.

The city also has decided to retain ownership of the The 6,216-seat, multiuse arena that is expected to open in the summer of 2019 on the Iowa River Landing.

The Iowa Economic Development Authority Board on Friday approved the city's selection of Minnesota-based Mortenson Construction as the project's construction manager.

City officials must provide the board with a signed agreement between the city and Mortenson.

In addition, city officials - following discussion with consultants from Piper Jaffray and Dorsey & Whitney - have decided not to form a separate entity to assume ownership of the Iowa Arena.

Instead, the city will own the arena.

'This will alleviate much of the complexity involved with financing and management of the arena, and we are confident that this is the best decision for the future of the project,” the city said in a report to the state board.

In June, the Iowa Economic Development Authority board signed off on a $12 million commitment to the project, which backers said was essential to its completion.

The money comes from the state's Reinvestment District program, which allows the new sales taxes and excise taxes generated by a project to be reinvested within an approved district.

The arena is to be attached to the Iowa Fitness and Sports Performance Institute and will provide a new home for the Antique Car Museum and Johnson County Historical Society Museum.

For Coralville, the arena is part of a larger plan for the Iowa River Landing. All told, roughly $174 million will be invested in projects tied to the state dollars.