Photo: Rudenko Taras / iStock / Getty Images
(Des Moines, IA) -- Iowa's first professional soccer stadium just got a red card.
The City of Des Moines is pulling the plug on negotiations with the developer amid an $17 million dollar budget gap.
Mayor Connie Boesen says despite the economic opportunities the stadium would bring, the city can no longer afford to support it.
"In this new environment of fiscal constraints, the City must evaluate every major commitment not only for its economic development potential, but also for its long term financial exposure, opportunity cost, and effect on the city's ability to sustain core services, " Boesen said.
The city maintains its projected budget shortfall is due to a state cap on local property tax rates.
The city had been in negotiations with the developer for seven years.
The $95 million dollar stadium was expected to seat 550 people.