Conversations about what the CyTown development in Ames will look like can begin in earnest now following Wednesday’s approval by the Iowa Board of Regents of a 30-year development agreement with Iowa State University,

Approved by the City of Ames in May 2024, the PILOT contract allows ISU Athletics to collect rent from CYTown tenants and allocate funds to the buildings that make up the Iowa State Center: Hilton Coliseum, Stephen's Auditorium, Fisher Theatre, and the Scheman Building.

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The 30-year agreement allows Iowa State University, ISU Research Park and Goldenrod Companies to move forward with the $200 million entertainment development.

The Iowa Board of Regents gave Iowa State University the go-ahead Wednesday to move forward with its CyTown plans, approving a 30-year development agreement and lease agreement. ISU General Counsel and Chief Risk Officer Michael Norton told board members the agreements were “fundamental” to seeing the project progress.