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Coralville outlines financing plan and timeline for proposed recreation center
Summary
At an April 28 work session, Coralville officials reviewed a financing plan for the proposed recreation center that would use a short-term loan for pre-construction costs, rely on LOST revenues and issue two long-term bonds of roughly $20 million each; the project team expects initial pricing from the construction manager within 30—45 days after award.
At a Coralville City Council work session on April 28, 2026, Timothy Oswald of Piper Sandler summarized the city's proposed financing approach for the planned recreation center, saying the plan would use a short-term loan to cover architects and engineering already incurred and then issue two bonds of about $20 million each to fund the project long term.
Oswald said the plan assumes Coralville will receive approximately 15.8% of county local option sales tax (LOST) revenues under the current formula and that, because LOST is collected in arrears, the city will receive 11 months of LOST in fiscal year 2027. He described the short-term loan as a bridge to cover immediate expenses prior to bond issuance.
Parks and Recreation Director Sherri Proud told the council that architect firm Neumann Monson is scheduled to present plans to the project's core review team on Thursday. Proud said once the construction manager at-risk (CMaR) agreement is awarded, the CMaR is expected to deliver initial pricing information to the city within 30—45 days, providing the first contractor-derived cost inputs for final financing and schedule decisions.
The presentation did not include a final bond schedule, interest-rate assumptions for the long-term issues, or an adopted budget authorization; Oswald framed the session as an update for council review rather than a request for immediate action. No motions or votes were taken on the financing plan during the work session.
What happens next: city staff and the project team will continue plan review and pricing work; the council has a public hearing on related CIP borrowing scheduled for June 8, where related financing measures may be considered.
