DES MOINES – Mason City will find out Friday whether or not it receives $9.8 million in state economic development aid.
There is about $41 million in state economic development available, a state official told NIT.
Mason City’s $36 million plan as presented to state economic development officials includes 1) a Marriott Hotel, to be built just a few feet west of city hall; 2) a parking ramp, to be built north of the hotel, in the same public parking lot; 3) a mixed-use building that includes retail shops and apartments at the southeast corner of Second Street and North Federal Avenue; 4) a pavilion built at the north entrance to Southbridge Mall; and 5) a 5,000 seat hockey arena on the west side of Southbridge Mall, where JC Penney used to do business.
City officials have said taxpayers won’t be on the hook for the roughly $26 million gap between the possible state aid and the total cost to complete the project.
Mason City is competing against several other communities for the state aid. Those projects are listed in the chart, below (Projects from Waukee, Marion and Cedar Falls did not make the cut this year):
Where does the State get this money? Is it not YOUR State Tax Dollars?
It’s a farce to say these projects will be done without taxpayer dollars!
They have lied before and got away with it. People are sheep and will believe anything.
I heard the state of Iowa is underfunded 5 billion in the public servant retirement fund and other fat cat bennies for them.
T I F – this does not mean this property will not be taxed for 10 years or whatever – it means the property owners in this area will foot the taxes for this project for 10 years – just take a look at your property tax breakdown – Here in Manly I pay almost 800 to the school system and 500 dollars to Tif (mostly for) the Manly Terminal and development at the Casino site – TIF is a ripofff and people do not understand that they will pay the property taxes for these large corporations. What a ripoff!
That’s not what it means. You might want to talk to your County Treasurer about what it means.
Globe already shows that Mason City is getting 7.1 million
From what I was told, it was only a “funding recommendation”. Alex Kuhn told me Thursday morning the final decision comes Friday.
Straight from the IOWA ECONOMIC DEVELOPMENT AUTHORITY at 9:10 AM, Friday:
“The board is meeting now. We’ll issue a release later today following the board meeting.”
@N.I.T.-Do you really think the GLOB would lie. Of course the would for their Lord and Master.
It was in the GLOB this morning that it still does not have final approval. That will come at a later date.
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.
NOTE: The Mason City (and Sioux City, Coralville, Davenport, Grinnell) projects will have until February 29, 2016 to fulfill all program requirements before the board will make its final funding decisions for the districts.
this is a quote from the globe “The funding recommendation presented for Mason City’s project is not a 100 percent allocation for the project but we are confident it will still be done without raising taxes on any person in Mason City.” WE ARE CONFIDENT it doesn’t say it wont be on the taxpayers back. Hold onto your shorts, taxpayers are about to get it again
@Sam-you are correct. Every time the city does something like this for special interest we end up paying for it with increased taxes. Using T.I.F. is using future taxes and we will end up paying for it. The state is starting to review T.I.F. use just for this reason.