MASON CITY – A large forgivable loan of $250,000 may be given to a retailer to expand in Southbridge Mall.
A public hearing will be held on May 17, 2016, at 7:00 PM in Mason City Room of the Mason City Public Library, at which meeting the council proposes to take action on the proposal to enter into a Forgivable Loan Agreement with The Bon-Ton Department Stores, Inc.
The agreement would obligate Bon-Ton to construct certain Minimum Improvements (as defined in the Agreement) on certain real property located within the Mason City Downtown Reinvestment Urban Renewal Area as defined and legally described in the Forgivable Loan Agreement, consisting of retrofitting a former cinema space consisting of 12,245 square feet within Southbridge Mall and integrating such space into the adjacent 50,000 square foot Younker’s department store, resulting in an overall retail space of 62,245 square feet, together with all related site improvements, under the terms and following satisfaction of the conditions set forth in the Agreement.
The Agreement would further obligate the City to make a forgivable loan to developer in the amount of $250,000, forgivable at the rate of 10% per year for ten (10) years, under the terms and following satisfaction of the conditions set forth in the Agreement and a Promissory Note for the forgivable loan.
A copy of the Agreement is on file for public inspection during regular business hours in the office of the City Clerk, City Hall, City of Mason City, Iowa.
At the above meeting the Council shall receive oral or written objections from any resident or property owner of said City, to the proposal to enter into the agreement with the developer. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action on the proposal or will abandon the proposal to authorize the Agreement.
I love Younkers! Would hate to see them leave.
Younkers is an ok store but I’m not willing to give a private business money other than for the merchandise they sell to keep them around. Are you?
Well it boils down to the fact the Younkers is keeping this mall alive. We need them in there. We need Younkers much more than a hog factory.
This is more B.S. If a business can not support itself without taxpayer assistance it should not be in business. It is one thing to help a new business and another to support a existing business. Who will be next to beg for tax payer money?
Forgivable loan = the taxpayers of cerro gordo county will pay their taxes for ten years – IT DOES NOT mean NO taxes will be collected – Bernie Sanders government – socialist. Think I’m wrong ? Add this to your share of T I F on your property tax assessment bill under TIF and do not forget to add at least a 5% increase for the taxes and pork barrel Pork plant that your elite city government is trying to make you swallow.
where does the line form, id like to do a $100,000 remodel on my house, can I get a forgivable loan to do that if I promise to stay another 10 years??? wait a minute, if the “shit” factory comes I may not want to stay
http://masoncity.net/pview.aspx?id=18252&catid=480
This is certainly risky as their parent company Bon Ton is really struggling and I predict bankruptcy on the horizon. But if the mall goes under it will cost far more to demolish it.
That would be their problem, not ours!
Spend, spend, spend! Won’t WE be spending enough there for the IceCapades?
Win Win
Why not we are supporting a shit factory
Great idea !