Funding Boost For Waterloo Sportsplex Plans

Plans for the new Cedar Valley Sportsplex in Waterloo, Iowa, US, have secured a funding boost from the Community Foundation of Northeast Iowa (CFNI).

The foundation's board of directors approved a US$600,000 (£389,700) contribution for the scheme, which comes from its Impact Fund.

US$500,000 (£324,700) will go towards the capital building project, while the remaining US$100,000 (£64,900) will help create the Cedar Valley Sportsplex Endowment Fund.

Income from the endowment fund will provide scholarships for young people on low incomes, with all donations to the fund eligible for a 25 per cent state tax credit.

Waterloo mayor Buck Clark said: "We always wanted the Sportsplex to be able to be used by the entire community. This endowment fund is a crucial first step in making that happen."

Source: sportsmanagement.co.uk