CRACVB Strongly Supports the Cedar Rapids Events Center Project
The Cedar Rapids Area Convention & Visitors Bureau (CRACVB) strongly supports the Cedar Rapids Events Center project. Revitalization of the U.S. Cellular Center and the addition of convention/events space are critical to success in attracting top quality entertainment and meetings to the community. The development of this complex will provide a substantial facility as an asset to promote. This will once again make the Cedar Rapids area a destination stop and provide event planners with the dynamic experiences they seek in today’s market.
The Cedar Rapids Events Center project will have a significant economic impact on our region, with the potential to bring an estimated $7.7 million annually in new direct spending to the area and an overall economic impact of more than $24 million a year.
The project will be a catalyst for downtown revitalization. The event center site in downtown Cedar Rapids, the epicenter of the 2008 Flood, will serve as an anchor for a broader strategy that will attract people and investment to the community.
This year, the facility celebrates its 30th anniversary and to date, the arena has yet to undergo a major renovation. However, in 2005 the U.S. Cellular Center was chosen as one of the 15 initiatives to be accomplished by 2010 through Cedar Rapids’ Fifteen in 5 community planning process. This reinforces the community’s desire to keep the event center a viable and competitive resource and cornerstone for regional entertainment and recreation. Leadership and grassroots support in the community has grown in anticipation of the project, and it has become the number one priority of the Cedar Rapids City Council and Linn County Board of Supervisors.
As many have stated, we can’t afford not to do this project. This is a rare opportunity to leverage a significant investment in our community with funding from outside resources. With $15 million secured in I-JOBS funding and the Economic Development Administration (EDA) considering a grant of $35 million, the local investment is only 25% of the funding needed. We have an opportunity to receive $50 million from sources outside of the community towards a $67 million project. It is highly unlikely that such an opportunity will ever present itself again. Additionally, EDA funding is used for stimulating economic growth and development. It cannot be used (and is not taking away from available funding) for other flood recovery needs such as rebuilding homes.
The CRACVB board of directors is strongly committed to the development of our destination. The board is asking members to join the CRACVB in continued support and commitment to the Cedar Rapids Events Center project, which will serve as a catalyst for downtown revitalization, have a significant regional impact and help build a vibrant community for generations to come.
Background:
The Cedar Rapids Events Center project includes the renovation of the existing U.S. Cellular Center, as well an expansion that will add approximately 60,000 square feet of exhibit space to the U.S. Cellular Center’s 30,000 square feet, as well as 12,000 square feet of conference and meeting room space. The improvement project would also include upgrades to the loading dock areas and the adjacent skywalks, all of which is needed to make the facility more functional and more accessible.
