Casino is the best option for Iowa’s economic growth

As a lifelong Cedar Rapidian, I’ve spent much of my career focused on activities that generate economic growth in Iowa and specifically, the Cedar Rapids/Iowa City area. As head of economic development for the Chamber of Commerce, I was part of many transformational new business location projects that helped shape the local economy. Based on my experience, I can say with confidence the Cedar Crossing Casino and Entertainment Center will have an unprecedented impact.

Cedar Crossing is projected to contribute more than $80 million in new revenue to the state’s economy every year. That’s nearly a billion dollars over its first 10 years of operation. This infusion of new revenue will be a huge win for the entire state of Iowa.

Casino representatives plan to invest $275 million in the project, which means Cedar Crossing would be one of the largest casino developments in Iowa’s history — and likely one of Iowa’s largest economic development successes in the last several years.

Very few companies decide to make such a significant investment in Iowa. State and local leaders work tirelessly to compete for and attract these projects, because they understand the positive economic impact they will have on the state, and they also understand the importance of the jobs they create.

Cedar Crossing should be thought of the same way. As a gaming, entertainment and cultural arts complex, Cedar Crossing is projected to attract 1.1 million visitors every year, which means an influx of tourism dollars into Eastern Iowa’s hotels, restaurants, businesses and other venues.

Cedar Crossing is also committed to making sure this impact is broadly felt. The plan includes partnering with nearby restaurants, hotels and other entertainment venues to maximize every possible opportunity to work together.

Often overlooked is the positive impact Cedar Crossing will have on the northwest side of Cedar Rapids. Especially the businesses near the proposed site. It also will be a catalyst for development to the north and west along the river, which remains undeveloped after the 2008 flood.

Of all the game-changing impacts from Cedar Crossing, perhaps the most important is the impact it would have on not-for-profits and community organizations in the area. Under Iowa law, all casino operations are required to allocate part of their profits to a local fund used to support not-for-profits. Cedar Crossing has committed to distributing 8% of its net adjusted gross revenue — the highest in the state and more than double the state’s requirement — to the Linn County Gaming Association. That amounts to more than $6 million annually that would be available to support not for-profits and community projects in Linn County and adjacent counties.

Clearly, Cedar Crossing is an unprecedented opportunity. As a board member of the Linn County Gaming Association, I strongly believe in the benefits the project would provide.

Cedar Crossing offers so much to so many, and I believe we should do everything in our power to see it come to fruition.

Todd Bergen is vice president for commercial real estate and business development at Skogman Realty. He serves on the Linn County Gaming Association board