Polk County has approved a 15-year lease agreement with Prairie Meadows Racetrack and Casino, creating a long-term partnership that officials say provides financial stability, protects taxpayers, and supports significant private investment in the county-owned property.
The agreement transitions the relationship to a traditional landlord-tenant structure, replacing the previous percentage-rent model with fixed scheduled rent. Base rent will increase by 6% every five years during the initial term, and the agreement includes two optional five-year renewal periods, potentially extending the lease to 25 years. Over the life of the agreement, lease revenue to Polk County is expected to exceed half a billion dollars, while Prairie Meadows plans to invest an estimated $200 million to $300 million in property improvements.
