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Waterloo takes ownership of Cedar Valley SportsPlex

The Waterloo City Council voted 6-1 Monday night to amend a development agreement for the Cedar Valley SportsPlex.

Under the amended agreement, the city will take title to the $27 million multi-purpose facility in 2023.

The change is expected to allow the Waterloo Development Corporation to recover more than $500,000 in sales tax it paid to build the SportsPlex, something that could only happen if the city promised to own the building.

Under the new arrangement, the WDC has guaranteed the mortgage on the building will be paid off.  That pledge is being backed with a personal guarantee from Rick Young, a local business leader and philanthropist who led the WDC's fundraising efforts.

As of August 1st, the SportsPlex had 1,203 memberships representing 2,596 people.  Leisure Services Director Paul Huting says he expects those numbers to grow this fall.

posted : August, 12th by KXEL

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