IRA, Polk County funding approved for Pro Iowa Stadium and Global Plaza project

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IRA, Polk County funding approved for Pro Iowa Stadium and Global Plaza project

DES MOINES, Iowa (Oct. 22, 2024) — The Iowa Soccer Development Foundation (ISDF), a public 501(c)(3) organization, confirms that the Iowa Economic Development Authority (IEDA) board has approved the maximum benefit amount of $23.5 million in tax rebates via the Iowa Reinvestment District program. Additionally, the Polk County Board of Supervisors voted to contribute $10 million to the Pro Iowa initiative.

“This is a significant milestone for progressing the Pro Iowa Initiative,” said Jeff Lorenzen, ISDF board member and chief executive officer of American Equity. “Securing the IRA and Polk County funding brings us one step closer to our goal. It’s a strong vote of confidence from our community partners and our state leaders — such as Gov. Kim Reynolds, IEDA and Iowa Finance Authority Director Debi Durham, and the Polk County Board of Supervisors — for showing their belief in the project and its long-term value. American Equity is proud to be one of the major supporters of this initiative.”

This project has truly been a public-private collaboration.

“The recent momentum of the Pro Iowa Stadium and Global Plaza is exciting to be a part of,” said John Norris, Polk County administrator. “The Capital City Reinvestment District is an investment in the people of Polk County, driving economic development, creating housing opportunities—including affordable housing—and serving as a cultural connector for the entire region. There are many across Polk County and the state eager to see this vision realized, and we’re proud to support an initiative that will enhance our community, foster growth, and bring people from all walks of life together to celebrate and enjoy.”

The Pro Iowa Stadium and Global Plaza, along with the planned development surrounding it, will contribute to the cultural vibrancy of downtown Des Moines. This project will also transform a previously underutilized area, driving economic growth and community revitalization. According to a regional feasibility study conducted by Johnson Consulting, the stadium and club are projected to generate at least $13.9 million in annual spending and $4.2 million in increased earnings for central Iowa, while also creating 70 full-time jobs.

“We recognize the significant economic benefits this project will bring not only to downtown Des Moines but also across the region. Visitors from around the world will be drawn here to experience the global game of soccer, helping area businesses thrive,” said Des Moines Mayor Connie Boesen. “We’re pleased to see this investment secured for such an important project.”

Since the project’s inception in 2019, the $95 million Pro Iowa initiative continues to gain momentum thanks to the collaboration of key stakeholders, including the IEDA, Polk County, the City of Des Moines, the Greater Des Moines Partnership, and the business community. This dedicated coalition, including Krause Group and other private donors, has consistently pushed the project forward despite inflation and rising construction costs through innovative fundraising and value engineering. Notably, American Equity has made a significant contribution with a $5 million donation.

Krause+, the real estate development and property management company owned by Krause Group, has also expressed its intention to invest $500 million in real estate development in the Western Gateway and Stadium District. This investment will revitalize the area and create additional opportunities around the stadium and plaza.

Once complete, the state-of-the-art, multiuse facility will host a variety of sporting and cultural events, positioning Des Moines as a premier destination for sports and entertainment.

Planning for the stadium and plaza continues to move forward with the ISDF collaborating closely with its public partners. At the same time, the ISDF is actively working to close the remaining $19.85 million gap in the capital stack. With growing public excitement, the ISDF remains committed to providing updates throughout the process. Stay tuned for more exciting developments at USLProIowa.com.

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About Iowa Soccer Development Foundation
The Iowa Soccer Development Foundation is a 501(c)(3) created in late 2019 to design and build a multiuse professional soccer stadium and plaza to energize Iowa’s economy, unite people through shared experiences and provide opportunities for underserved, at-risk youth to experience the global game of soccer. The Iowa Soccer Development Foundation will own the Pro Iowa Stadium and Global Plaza when completed.

About Pro Iowa
The Pro Iowa campaign is an Initiative designed to build on central Iowa’s position as a thriving, vibrant community through the development of a multiuse stadium and programming to spur economic vitality, increase tourism, and showcase Iowa by attracting regional and national events.

Pro Iowa’s mission is to bring professional soccer to Iowa through a collective public-private partnership. This is the only way to bring the required soccer-specific stadium and the USL Championship League to Des Moines. Learn more or show your support at USLProIowa.com.

Media ContactsMakayla Smith, digital communications manager at Trilix
msmith@trilix.com515-418-1884