DES MOINES – The Iowa Economic Development Authority told NIT this morning at 9:10 AM that “The board is meeting now” regarding Mason City’s (and other towns’) application for redevelopment projects. Mason City wants $9.8 million for a $36 million 5-point project in the downtown. The project includes a hotel and parking ramp for the downtown parking (pictured), a commercial/residential building at corner of Federal Avenue and 2nd NE, a pavilion on the north entrance of Southbridge Mall, and a 5,000 seat hockey arena in the former JC Penney building.
The agency told NIT that “We’ll issue a release later today following the board meeting” on how much $$$, if any, Mason City is awarded.
In case you are wondering, city officials have said the $26 million gap would not be funded by taxpayers.
It will be a shame to loss that parking lot. It works perfect for downtown activites, like it did for Band Fest and Ragbraii.
The City of Mason City was provisionally approved for $7,100,000 for the Mason City Downtown Reinvestment District. This District includes five proposed projects, including the Central Park Hotel, branded as a Courtyard by Marriott, overlooking the City’s historic central square and consisting of 96 rooms; a 225-250 space Downtown Parking Garage owned and operated by the City; a three-story mixed use retail/residential building; an Indoor-Outdoor Performing Arts Pavilion, incorporated into Federal Plaza and highlighting the entrance to Southbridge Mall; and a 2,400-seat indoor multi-purpose arena located within Southbridge Mall.
http://www.iowaeconomicdevelopment.com/newsdetails/6161
If you really believe that I have a bridge I would love to talk to you about.