CORALVILLE — The 6,000-seat Iowa Arena and Fieldhouse has a new name: Xtream Arena powered by Mediacom.
Project leaders announced the naming rights deal with the cable television and internet provider at a news conference Thursday. ArenaCo, Coralville’s community development corporation created to manage the arena, agreed to a 10-year contract, which includes an undisclosed financial contribution, a Wi-Fi network throughout the arena and marketing on Mediacom’s platforms.
“There’s such a unique array of events, and therefore visitors, that are going to come to this arena,” said Ed Pardini, senior vice president of Mediacom. “This allows us to reach a cross section of age groups, families, demographics because they’ll be coming here for concerts, school tournaments, (University of Iowa) women’s athletics and, potentially, minor league hockey. We think that that’s a great opportunity to take our brand to these people.”
The arena is slated for completion in August 2020. It’s Coralville’s last anchor tenant in the Iowa River Landing development, following Von Maur and the Coralville Marriott Hotel and Conference Center.
Coralville City Administrator Kelly Hayworth referred questions about the cost of the naming rights agreement to Mediacom representatives. Pardini would not disclose the amount his company contributed.
“We consider the exact amount to be proprietary and confidential,” Pardini said. “This is a very competitive market and I’m sure our competitors would love to know what we spent.”
Not disclosing the amount agreed to in the contract keeps the public in the dark on a key investment in the project that’s overall received millions in public funding from the state, city and county.
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Coralville was awarded $12 million in funding from the Iowa Economic Development Authority’s Reinvestment District program. The Johnson County Board of Supervisors threw in $200,000 to support the relocation of two museums after development authority members said they wanted to see local financial support before awarding the funds. The city of Coralville has guaranteed up to $50 million in loans for the project, and reinvestment in Iowa River Landing has been about $190 million.
The arena will be the home court for the University of Iowa volleyball team, and house the Johnson County Historical Society Museum, the Antique Car Museum of Iowa and a Staybridge Suites hotel. Project leaders also envision signing a minor league hockey team and hosting concerts and sports tournaments in the facility.
Hayworth said the naming rights contract has an extension option for another 10 years.
“It met our budget, and they actually offered us some great opportunities for the technology that we wouldn’t have had otherwise,” Hayworth said, referring to the Wi-Fi.
Pardini said arena Wi-Fi is becoming more common but for small arena’s it can be difficult to come up with the funding.
“Our ability to contribute a state-of-the art Wi-Fi, Xtream Wi-Fi, solution makes us a very unique partner for ArenaCo,” Pardini said.
The arena is the last major piece in a decadeslong effort to revamp a major gateway into Coralville. Thirty years ago, visitors entering Coralville on First Avenue from Interstate 80 would see a blighted area with an industrial park, scrap yard, truck stop, strip club and adult bookstore.
Coralville Mayor John Lundell said the arena will contribute to the quality of life for residents, meaning they won’t have to travel for concerts or sporting events, and bring in dollars with arena visitors using hotels and restaurants.
The name “will give it its own identity,” he said.
“And I think that it’s a great name. Xtream Arena to me it symbolizes action and sort of cutting edge. And I think it’s a perfect name for what this facility is going to be,” Lundell said.
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