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PUBLIC NOTICE: City intends to spend $18 million to build and lease arena from Southbridge Mall

JC Penney is closed now, but the empty shell could hold a multi-million dollar hockey arena, courtesy of the taxpayers of Mason City.
MASON CITY – Not all the details have been released, but in a brand new attempt to put an ice arena in Southbridge Mall, Mason City city hall intends to pay for the construction of the arena and then lease the space from the mall owner, costing $18 million.

Here is the public notice sent out from city hall just this morning:

PUBLIC NOTICE is hereby given that the City Council of the City of Mason City, State of Iowa, will hold a public hearing on the 3rd day of January 2017, at 7:00 o’clock P.M., in the Mason City Room of the Mason City Public Library, 225 2nd Street SE, Mason City, Iowa, at which meeting the Council proposes to take additional action for the authorization of a Lease Agreement with Southbridge Mall (“Lessor”) in the amount of not to exceed $18,000,000 for an essential corporate urban renewal purpose of the City, such Lease Agreement being entered into to facilitate the construction of a recreational center and multipurpose arena facility (“Facility”) and subsequent lease of the Facility by the City, pursuant to Iowa Code Chapter 403 and the Mason City Downtown Reinvestment Urban Renewal Plan. The Lease Agreement provides for the payment of one or more grants by the City to Lessor to pay for project costs incurred by the Lessor in constructing the Facility, in an amount not to exceed $13,000,000, and annual rental payments to be paid by the City to Lessor for lease of the constructed Facility by the City in an amount not to exceed $5,000,000. Rental payments under the proposed Lease agreement will be payable from the Debt Service Fund.

At any time before the date of the meeting, a petition, asking that the question of authorizing such Lease Agreement be submitted to the legal voters of the City, may be filed with the Clerk of the City in the manner provided by Section 362.4 of the Code of Iowa, pursuant to the provisions of Sections 364.4(4), 384.24(3)(q), 384.25 and Chapter 403 of the Code of Iowa.

At the above meeting the Council shall receive oral or written objections from any resident or property owner of the City, to the above action. After all objections have been received and considered, the Council will at this meeting or at any adjournment thereof, take additional action for the authorization of the Lease Agreement or will abandon the proposal.

This notice is given by order of the City Council of the City of Mason City, State of Iowa, as provided by Sections 364.4(4), 384.25 and Chapter 403 of the Code of Iowa, as amended.

—-

More details will be posted as soon as possible on this developing situation.

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