Approval of $4 million in funding by the Vision Iowa board gives the Principal Riverwalk project an added boost for private fundraising, says an official with Principal Financial Group Inc.

“I think it’s going to give us great momentum,” said Mary O’Keefe, a senior vice president with Principal Financial Group Inc., which plans to begin construction on the four-year project this spring. “We’ve been talking to private sources and philanthropists. Any time you can say you’re a step closer, it gives people more incentive.”     Vision Iowa’s board approved the grant for Principal’s Rediscovering the Rivers project on Dec. 17, contingent upon the approval of the city of Des Moines of $1 million in matching funds.

The $26.4 million project, announced earlier this year by Principal, includes a 1.2-mile walkway on the east and west sides of the Des Moines River downtown, connected by a refurbished rail bridge south of Court Avenue and a new pedestrian bridge to be built near the Center Street Dam.

One of the first pieces of the project will be the construction of a two-mile trail connecting the pedestrian loop to Gray’s Lake Park. Other work that will probably take place early in the project include renovation of the railroad bridge and construction of the fountain and ice skating rink. O’Keefe said.

Principal plans to raise about $5 million in private contributions in addition to the $10 million it has committed to the project. As a provision for getting the Vision Iowa grant, it’s also guaranteeing to make up any shortfall if the private fundraising effort doesn’t reach its goal.

With the $4 million pledge to the Riverwalk, Vision Iowa has now committed $74 million in grants or loans to downtown Des Moines projects. The Vision Iowa board has already approved $50 million for the new Iowa Events Center, $15 million for a new Science Center of Iowa and $5 million for the construction of the Iowa Hall of Pride.