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OPINION: State of Iowa set to return $850 for every residential dwelling in Mason City

The Iowa Reinvestment Act funding for the River City Renaissance project amounts to 25% of the $36 million project, or $9 million. Divided by 10,578 dwelling parcels within the city limits (based on Mason City Assessor’s 2016 records), this amounts to an average return of $850 for each Mason City residence.

It’s a huge return to us of our tax dollars from the State. The State takes the lion’s share of the risk. Compared to the State, our risk is small.

It won’t happen unless both the Council and the people of Mason City collectively pull the trigger in the voting booth to take the State’s money.

Assume that the few critics of the project are correct, that projections for the operation of the ice arena are overly optimistic; that the arena will not be totally self-supporting. Worst-case scenario, we see a modest increase in our property taxes. With an average State contribution of $850 per residence, Iowa Reinvestment Act funding more than compensates every resident for the small risk in approving a top quality amenity that we get to keep, use and enjoy for many years.

It’s a good deal for us, even if looked at in a vacuum.

When you dial in the potential this downtown project has to draw others to come spend money here to shop, dine, play, stay, attend conventions and encourage them to move here and invest here, it just gets better for us. In the long run, this will have the affect of reducing local taxes because more people will share the load.

Mason City needs to do better to attract more and better paying jobs. It’s not easy to attract new people and new business from out of town with a vacant, blighted city center.

If our community is not willing to take a small risk to invest in itself, why should outsiders choose to locate and invest here?

Vance Jorgensen
Mason City, Iowa


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