A professional soccer stadium in downtown Omaha got one step closer to the goal line Tuesday as City Council members considered a $117 million redevelopment agreement. Approval of the agreement would cement the project’s financial plan.
Union Omaha, the city’s professional soccer team, plans to build the 6,500-seat stadium as the anchor of an entertainment district in north Downtown. The City Council earlier this year unanimously approved $48 million in tax-increment financing for the $332 million mixed-use project.
The redevelopment agreement discussed Tuesday outlines the project’s financing plan, which looks to leverage private capital alongside public funding tools to convert 25 acres of former industrial land into a multi-sports entertainment district.
The new district will rise on a largely unused site at 1101 Izard St. that was purchased by the city from Union Pacific Railroad. When complete, project leaders envision a modern open-air stadium, new housing, retail and public green space that connects the city’s north downtown.
“Beyond professional athletics, we have a shared commitment to exceed public expectations and fully activate this facility year-round as a community hub, hosting concerts, festivals, community events and youth sports,” said Marco Floreani, deputy chief of staff for economic development with the mayor’s office.
David Levy, Union Omaha’s legal representative, outlined the financial details for City Council members.
“I do want to note a majority of the city participation in that is financing, not direct city dollars,” Levy said.
The primary funding sources for the $140 million stadium include about $23 million in team equity, $2 million a year to lease the stadium, and “incremental project revenues,” which would include sponsorships, naming rights, new sales taxes and property taxes. The city will contribute $10.5 million in infrastructure and would finance $106.5 million through lease purchase and revenue bonds.
“Those bonds are paid back by the team equity, by the rent and by these incremental project revenues,” Levy said.
Council members are scheduled to vote on the agreement Oct. 27.
In addition to being the home stadium for Union Omaha, it also would be the future home of a women’s professional soccer team and a youth soccer academy.
Omaha Mayor John Ewing called the development “huge” for the city when announcing the project last year.
“The stadium and surrounding district would offer another reason to live, work and play downtown, strengthening our urban core,” Ewing said. “It will be an engine for jobs, housing, entertainment and urban living. It demonstrates what’s possible when public and private partners share a vision for growth that benefits the entire community.”
Union Omaha plans to break ground later this year, with the stadium expected to be completed in time for the 2028 season.