Project Fastpitch to receive increased rebates over 20 years

Developers of the estimated $32 million softball complex in Newton have agreed to increase the minimum assessment of the project and will now be eligible for more rebates over a 20-year period.

On Monday, Dec. 21, the Newton City Council opened two public hearings to discuss the proposed changes to the city’s urban renewal plan and its development agreement with The Circle Development, LLC, which is taking the lead on Project Fastpitch. Developers hoped to break ground by fall 2020.

However, the pandemic heavily delayed financing of the project.

Last year, private developers and elected officials unveiled the “one-of-a-kind, multi-use project.” The 300,000-square-foot indoor facility will be located on the vacant, 70-acre parcel of land between Iowa Speedway and Interstate 80. The site plan include four indoor fields and 12 outdoor fields, all NCCA-regulated.

To prepare for the development, city council members created the 2019 Sports Entertainment Urban Renewal Area and approved the accompanying urban renewal plan, according to city documents. Upon no opposition from citizens, staff or other elected officials, council approved an amendment to the plan.

Minimum assessment of the project increased from $16.7 million to $25 million, upping the 20-year rebates from $8.7 million to $13.75 million.

The original agreement between the city and The Circle Development included 100% rebates in years one through 10, which would then decrease to 72% in years 11 through 20. Even though the developer agreed to a new minimum assessment, the rebate schedule remains the same.

Since the project has not begun construction, the city said it was necessary to change the date of the minimum assessment on tax rolls from Jan. 1, 2020 to Jan. 1, 2022. The first year of rebates will be in fiscal year 2024.

Councilperson Craig Trotter said, “Looking forward for this project to move forward.”

Newton Mayor Mike Hansen replied, “Yes sir. We sure are.”

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