Iowa Events Center costs taxpayers less than expected
Posted on June 21, 2007 in Economic Development by DM
The Register reports that the subsidy taxpayers will pay to the Iowa Events Center will be significantly less than anticipated:
Matt Homan, general manager of the complex that includes Wells Fargo Arena, Hy-Vee Hall, Veterans Memorial Auditorium and the Polk County Convention Complex, said Events Center officials expect to need a $26,529 taxpayer subsidy for the year that ends June 30. Budget plans called for $114,338.
The numbers show that the county will earn $1.16 million from Wells Fargo Arena, although that money will be eaten up by steep losses at “the Plex” and Hy-Vee Hall. Veterans Auditorium turned a $4,250 profit this year, compared with a planned loss of $386,315, Homan said.
Polk County Supervisors have been reluctant to put money into the Convention Complex because they’ve been discussing the option of closing it. Homan, however, has asked for some investment into that building, as he’s confident he can make it profitable. I hope they’ll give him the opportunity. I’ve attended (and helped manage) events at all four of these venues, and they are each quite different. It’s virtually impossible to have a beautiful formal dinner in Hy-Vee Hall, perfect though it is for the Autumn Festival… and I don’t think there’s really enough room for the monster trucks in Wells Fargo Arena - though the Iowa Stars and Mannheim Steamroller seemed to fit there quite nicely.
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[...] year of operation, the Iowa Events Center has turned a profit for the fiscal year ending June 30 - even better news than reported earlier! Polk County taxpayers will therefore not have to pay any of the $114,000 subsidy originally [...]