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.
“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.
Northbridge is just another failed socialist program in Mason City.
Public/Private tax programs are nothing more than socialism using taxpayer money funneled up to the wealthy in the name of progress. Remember this folks, the Socialists use term Progressive like it’s a good thing. It ain’t!!!!
Northbridge is yet another in the list of “Tax-Increment Financing” schemes that are nothing more than “progressive-socialism.
Southbridge was another tax-increment boondoggle using a socialist program that cost the taxpayers dearly.
The worst part of the this BS, it was Republicans teaming up with Democrats in the Iowa Legislature that passed the laws that allows all this spreading the wealth up to the establishment and their elite friends. Socialist programs that have screwed the Iowa taxpayers.
When will we ever learn?
Great comment. They never learn and are at it again with this latest wet dream.
The most intelligent comment I’ve ever read on NIT. Well done and spot on.
Are you reading this, all you Bernie Sanders dorks?
Unbelievable
You can RECALL the mason City mayor with enough signatures.
no, you can’t
It will be paid off just in time to be used fro a even higher debt with the next scheme. We just paid off the damn mall a few years ago.
Run for council LVS. You have an opinion about everything and more free time than Lagios.