(Radio Iowa) – The completion date for the CyTown development between Jack Trice Stadium and Hilton Coliseum in Ames has moved back. Iowa State University general counsel Mike Norton gave an update to the Board of Regents.
Norton says there is some positive news on that front.
Norton says some of the delay has been in reworking the contract with developer Goldenrod so the University will handle the construction of the amphitheater. He says they have raised contributions of 12 million dollars for what is expected to be an 18 million cost for the amphitheater. The projections show I-S-U will make 172 million dollars of net revenue from overall operations over 30 years with a 90 percent occupancy. They have a revenue guarantee with the developer and Norton says they’ve looked at the worst case scenario for occupancy.
Norton says they’ve believe that worst case scenario is highly unlikely.
The ground breaking for CyTown is set for September 2nd and Norton expects to have more concrete timelines on the project progress then.
