The owners of TBK Bank Sports Complex are the first to benefit from a new tax incentive. Three years ago, the Iowa legislature enacted a Baseball and Softball Complex Sales Tax Rebate. Developers of the sports complex near I-80 in Bettendorf applied for the benefits. And in October, 2017, the Enhance Iowa Board approved it.
Jessica O'Riley, spokeswoman for the board, says five million dollars was available at the time, and TBK could receive up to half of it. Under the law, investment in the project must total $10 million or more. Recipients may receive up to the award amount ($2.5 million) over ten years.
In December, the Enhance Iowa Board approved an application from Prospect Meadows Sports Complex in Marion. Its owners will also be awarded up to 2.5 million dollars in sales tax rebates over ten years. The ball fields are currently under construction and set to open in May.