City Council Moves Towards Agreement on Stadium District With Krause+

"This project presents an exciting opportunity to bring new investment, jobs, and sports and entertainment to downtown, while strengthening our ability to attract and retain talent." City Economic Development Director Carrie Kruse said. "We appreciate Krause+'s collaboration in working with us to identify incentive structures that work within the City's current financial constraints and advance our shared vision for the soccer stadium district. We also look forward to continuing our partnership with the Iowa Soccer Development Foundation to bring professional soccer and the global plaza to Des Moines."

After years of talks, this year's property tax legislation changed the City's negotiating position, leading to the City offering final terms in August that were not met by Krause+ at the time.

"Holding firm on our negotiations over the summer ultimately helped the City reach an agreement that brings professional soccer to Des Moines with fiscal accountability," Mayor Connie Boesen said. "This agreement that our Council moved forward today saves our taxpayers over $21 million in city contributions compared to the terms available a year ago making this an agreement that can catalyze growth of our city responsibly."

Now that Krause+ has agreed to equivalent terms to those offered by the City in August, City Council voted to schedule a public hearing to approve the development agreement early next month.

Once City Council gives its final approval to the agreement, Krause+ will begin the process of building the stadium district while Iowa Soccer Development Foundation (ISDF) will build the stadium and global plaza expected to host regional festivals, many of which are now held at Western Gateway Park. Both projects will need to meet completion targets within timelines specified in the agreement to receive City incentives.

A finalized agreement with Krause+ for the development of the stadium district is expected to be one of the final pieces of the puzzle after years of negotiations to build a soccer stadium and global plaza, bringing professional soccer to Des Moines.

"The Iowa Soccer Development Foundation is encouraged by this news. Reaching a vote reflects weeks of hard work and collaboration by all parties to bring the stadium district back on the agenda," ISDF Chairman Jeff Lorenzen said. "Development around the plaza and stadium is critical to realizing the broader district vision, and progress on this agreement is an important step toward creating a connected destination for residents and visitors."

City Council will hold a public hearing at its regularly scheduled meeting on December 7^th before moving the agreements through the final steps of the process, with design and construction work progressing in 2027.

Contact
Peter Zemansky
Communications Manager, City Manager's Office
(515) 210-6586
[email protected]

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