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Mason City has three huge payments left on the failed Northbridge project

Northbridge kept Fareway downtown but accomplished little else.
Northbridge kept Fareway downtown but accomplished little else.

MASON CITY – When Mason City strikes out on a development, it really whiffs, as evidenced by the Northbridge project debt the city is still paying off.

City officials say three more huge payments are due to finally pay off that development, which was embarked upon all the way back in 2003 when Jean Marinos was the mayor. Although much more grand in vision, the project accomplished one thing: Moving Fareway grocery store across Delaware Avenue (at the added cost of Calvary Alliance Church, which was demolished).

Mason City will pay $180,000 – three more times – between now and 2018. In addition, over $10,000 in interest will be tacked on and must be paid, too.

Thanks for Northbridge, Jean.
Thanks for Northbridge, Jean.

“In the long run, taxes were used to pay debt,” city finance director Kevin Jacobson explained. The city’s general fund was raided over all these years to pay this development off. Tax increment financing was used to get the job done – the same tool the current mayor and council aim to use on the latest major attempt to breath life into the city’s downtown.

The good news, in fiscal year 2019, those lost moneys will start going into the city’s general fund instead of going to pay off a dud of a development.

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