November 24, 2024

Financing slowed for $32M Newton softball complex

COVID-19 pandemic affecting development schedule, mayor puts public at ease

By Christopher Braunschweig

Financing for Project Fastpitch, a proposed 16-field softball complex in Newton, has slowed down since the COVID-19 pandemic. Newton Mayor Mike Hansen assured the project is still a-go and wanted to put the public at ease during the Monday night city council meeting. (Submitted Photo)

Economic uncertainty caused by the COVID-19 pandemic has affected the funding speed of a yet-to-be-constructed softball complex in Newton.

At the Monday night city council meeting, Newton Mayor Mike Hansen said Project Fastpitch “unfortunately got caught up in this particular pandemic.” The 16-field, indoor-and-outdoor facility was originally planned to open by summer 2020. Now, that does not seem to be the case.

The complex was to be built on a 70-acre parcel of land near Iowa Speedway. Project Fastpitch, Hansen added, is still a viable entity, but the financing — like so many other businesses across the state — has slowed down. Still, developers will continue to move forward once the pandemic and its restrictions subside.

“The management and ownership of Project Fastpitch has assured me over and over again — as well as the city’s development staff — they are committed to this project here in Newton,” Hansen said. “They’re anxious to get started as soon as they can.”

Hansen wanted to put the public at ease, acknowledging the concerns fielded through members of the Newton City Council and city staff.

“I wanted to put the public’s mind at rest over that exciting project that we look forward to that getting started as soon as possible,” Hansen said.

Craig Armstrong, economic development specialist for the City of Newton, has been devoting nearly all of his time to business retention, particularly small businesses in town. Likewise, he is working with the developers of Project Fastpitch as they seek private financing for the remainder of their capital stack.

As with every entity right now, the financial services industry is struggling. However, the Project Fastpitch developers, Armstrong said, are very confident in the softball complex.

“It is just taking longer than they anticipated,” he said. “Everybody is a lot more conservative than they were two months ago. What this is going to do, in effect, is simply delay it a few months. But it is certainly not anything other than a solid project. The group itself has invested somewhere over $1 million in preparation.”

Contact Christopher Braunschweig at 641-792-3121 ext. 6560 or cbraunschweig@newtondailynews.com