PROFIT SHARING: City Receives Windfall | Business
When Prairie Meadows got the go-ahead to build, they agreed to profit sharing partnership with Polk County and the City of Des Moines.
This year, the City will receive over $4.3-million in funds from that agreement, money that has gone to good community causes, according to the City.
"The Mayor and Council have used our Prairie Meadows funds to improve streets and bridges,” said Des Moines City Manager Rick Clark. “As a result, our streets and bridges are in far better condition than would otherwise be possible. We are very, very appreciative of this support from Prairie Meadows, particularly during these challenging times."
The entertainment venue is happy to contribute, “This funding is perfectly in line with our overall mission in giving back to our community,” said Gary Palmer, Prairie Meadows President/CEO. “We are proud as a company that for so many years we’ve been able to impact our community in this way.”
So far, Prairie Meadows has given more than $1 billion through taxes, grants and charitable donations to the state of Iowa since opening in the late 1980's.