Oskaloosa Partners with Gateway II, LLC on $17 Million Trio Entertainment Complex

Oskaloosa, IA — In an effort to transform the local entertainment landscape and provide new amenities to residents, the Oskaloosa City Council has entered into a development agreement with Gateway II, LLC for the creation of the Trio Entertainment Complex. The $17 million, 46,000-square-foot facility, located at 2333 Coal Mine Loop, is expected to include a family-friendly mix of entertainment options and is set to open by January 1, 2025.

Trio Entertainment: What’s Coming

Spearheaded by Gateway II, LLC and developed in partnership with Evolve Hospitality, the Trio Entertainment Complex will offer a variety of amenities designed to attract visitors of all ages. The facility will include:

A bar and grill restaurant.
A three-screen movie theater with concession options.
Two tennis courts and four pickleball courts.
Three golf simulators for virtual play.

According to the agreement, Gateway II, LLC has committed to a minimum investment of $15.2 million and aims to have the facility fully operational by the end of 2024. This development is expected to create approximately 18 full-time jobs, bringing both economic activity and job opportunities to Oskaloosa.

City’s Support Through Tax Incentives

In a strategic move, the city has committed to rebating up to $1 million in tax increment financing (TIF) over five years, covering 100% of the tax increment generated by Trio Entertainment. This financial support is designed to encourage investment in local infrastructure and aligns with Oskaloosa’s Strategic Plan Goal 1.3, which focuses on “growing businesses throughout the county.”

The TIF structure means that no direct impact on the city’s budget is expected, as the incentive will draw from new property tax revenues created by the project itself. Shawn Christ of the Development Services Department explained that this support aligns with the city’s urban renewal plan, which emphasizes leveraging economic incentives to attract high-quality businesses and address community needs​.

Council’s Enthusiasm and Community Impact

During a recent council meeting, Council Member Comfort shared his enthusiasm for the facility, stating, “This is going to bring something truly unique to our area that will be enjoyed by young people, families, and adults alike.” The sentiment was echoed by other council members and residents who voiced their excitement about having new options for leisure and entertainment.

Matt Jacobs, president of Evolve Hospitality, also attended the public hearing and shared insights into the project’s impact and challenges. “It’s a high-stakes venture for our team, but the excitement from the community has been overwhelmingly positive,” said Jacobs. “The goal is to create a vibrant, welcoming space that draws both locals and visitors.” Jacobs explained that the investment in Trio Entertainment reflects a vision of turning Oskaloosa into a regional attraction for leisure activities, adding to the city’s quality of life and business appeal​.

A Step Toward Economic Growth

The development agreement with Gateway II, LLC represents a strategic commitment by Oskaloosa to attract new amenities and businesses that cater to a wide audience. This project is expected to enhance the city’s appeal, potentially sparking further economic growth. By utilizing TIF incentives, Oskaloosa reinforces its intent to foster a welcoming business environment that fills gaps in community offerings, particularly in entertainment and family-friendly leisure.

Posted by on Oct 22 2024. Filed under Local News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

Comments are closed

           

Search Archive

Search by Date
Search by Category
Search with Google
Log in | Copyright by Oskaloosa News