A $71 million entertainment and sports venue to be built in Coralville, is closer to reality as the city council unanimously approved $50 million in loans to get the project started.

The Iowa Arena, which is slated to be completed in 2019, will be part of the Iowa River Landing Development and hold over 5,000 spectators for concerts, theatre productions and will also be the practice facility to various sports teams as well as aim to attract its own junior hockey league team.

Funds from private contributions, naming rights, new market tax credits, and a $12 million grant from the Iowa Reinvestment District are also being secured to help pay for the project.

Business owners in the area say they are excited to see the project to fruition to help increase traffic to their businesses, and some are already eager to work in collaboration with the arena.

Do you think a new venue to see shows, games and other attractions is needed in this market? Please weigh in with your thoughts in the comments below.

[Source: CBS2]