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Coralville officials discuss Recreation Center financing; ICCSD ownership and PPEL option under review
Summary
Park and Recreation Director Sherri Proud and City Administrator Kelly Hayworth said Coralville has discussed using PPEL funds for a long‑term lease if ICCSD owns the Rec Center property; staff expect an ICCSD decision by the end of June and will meet Mortenson on June 18 to discuss pricing.
Park and Recreation Director Sherri Proud updated the City Council on progress toward a new Recreation Center. Proud said she, City Administrator Kelly Hayworth and Timothy Oswald of Piper Sandler met with ICCSD officials to explore financing options.
One option discussed was using PPEL funds for a long‑term lease, which Proud said would require ICCSD ownership of the property; staff are exploring a horizontal property regime as one possible mechanism to satisfy that ownership requirement. Proud told the council that ICCSD had been informed a decision could be reached by the end of June.
Proud and Hayworth said the project’s core team will meet with Mortenson on June 18 to discuss pricing, and that staff have begun meeting with proposed donors for the park improvement portion of the project. No final financing decision was made at the work session.
