It now appears that this next hotel so-called developer has arrived with all sorts of ideas for this new hotel in the Southbridge parking lot, plus change of M. Wilson’s Music Man Square from a memorial and remembrance to Mr. Wilson’s great accomplishments to a convention/conference center to help support this Texas dream hotel party at our expense.
Never mind that the Wilson Foundation GAVE us millions for this facility and it’s purpose in this city.
Now we learn that Gatehouse came here with all the gusto for them investing THEIR money in their over $10M new private funded hotel but without ANY qualified experienced third party professional market study on whether a sufficient market exists in MC for such hotel or related convention center. Does this sound like armatures looking for a fee and project to milk.
They want, need, the taxpayers via our City government to fund such market study. $150,000. Either they don’t have money for such endeavors or don’t want to spend it on this dream hotel in Mason City, Iowa. As unprepared as the last fake developer from San Diego we got the spin on and wasted years waiting on his proof of
financing which in the end was as phony as a three dollar bill.
Add to this sorry hotel story the proposed public funding of nearly $13 million for an ice arena to be given to a NY bottom feeder who got this half empty dying mall for a pittance. After a big write down of it’s sale price by the former owner US Bank. Given away for $1,500,000 for a 250,000 square foot building. $6.00 per square foot. Tells us the dollar sales being achieved in Southbridge by the remaining lessees is WEAK. Commercial Leases for retail usually have a % of sales escalator in lease rent to the Owner/Lessor. Weak, declining sales brings down the % of sales increase onto the base rent from the Lessee to the Lessor causes the property to suffer loss of sale value. Plus lower assessor market value for the property tax on such property. Exactly what has been the past several years financial performance in Southbridge?
So come November 7 we will have a referendum to approve or defeat this Lease Agreement between the City of Mason City/Lessee and the NY owner of Southbridge/Lessor on OUR 100 % public funded ice arena to cover all the operational cost by, no doubt, the City/Lessee INCLUDING all the property tax on this arena. Do you believe he intends to pay any of the new property tax sum for the arena except from the lease obligation to cover such tax sum to the Lessor 100% from the Lessee/City of Mason City? Meaning YOU the users who will pay it in admission and rental Charges and when that is insufficient by other City tax sources.
So WE the public fund the construction PLUS the property tax and all other costs associated with running such arena every day, 365 days of the year. Hell of a DEAL for the New Yorker.
So come November 7 put an end to this one sided City gift party and vote NO on approval Of such crazy public spending by and for private parties who are unprepared And or unwilling to to make substantial private money to be invested and put at risk on this arena and hotel/convention center. Enough of these RUNS on the public taxes via schemes for one sided gift deals in Mason City, Iowa to Ca., NY, and Texas playboys.
Pat M.
Mason City, Iowa
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17 thoughts on “Opinion: Arena is “hell of a deal for the New Yorker””
they say it wont cost the taxpayers anything and list where they are getting the money, but in the long run it will cost the taxpayers as that money could be used for other projects which the taxpayers will have to pay for cause they spent the money. VOTE NO ON ALL. remember the council that appoves this and vote no when they want to be reelected!!!!
Just vote no?? Why is it so hard to understand that you can’t vote AT ALL until November 7, 2017, which is 6 months down the road. Just two days from now (Thursday, May 11th), the City Council will vote on the Pre-Development Agreement with Gatehouse Capital to build their Hotel and Conference Center. In that agreement, the City promises to give Gatehouse $150,000 by May 15th for their market study. If the city moves forward within 90 days after Gatehouse’s market study is completed, the $150,000 will be returned. If not, tax payers won’t get a dime back. You want to say NO, yell it at the City Council meeting on Thursday.
Well said, beautifully stated and easy to grasp. The truth is always refreshing. Please vote no, put an end to these scams
And hopefully it will put an end to those seemingly endless open letters to Mr. Skipper too. That day will certainly be refreshing and that in plain English is the unvarnished truth sitting at the table.
No one forces you to read the letters. Hopefully you will STFU.
The same as nobody has to listen to you or a siding salesman. Remember, we are all entitled to an opinion. I will pray for you but you can STFU too. Have a nice day.
You can wipe your smelly butt with your biased opinion. Have a nice day!
And YOUR opinion isn’t biased? I will stay pray for you too. You need it and we all know it. And I will have a nice day as I always do. Thanks for your kind words.
You may want to take a look at why you believe prayer for others is appropriate here. It seems like you and God need to have a chat before you start talking about others. Saying stfu right after saying you are going to pray is counter active. God wants nothing to do with your self made drama.
Yeah like you’d know anything about anything. Ain’t you the same dude that said shopping malls is extinct? Get a clue and he can pray and say all he wants cuz its still a free county. Hear?
He is right about the malls. They are all failing all around the country. He is also right about the prayer comment. It is very hypocritical to say STFU and prayers at the same time. Must be a Democrat.
Shopping malls are extinct, their purpose was lost when people were able to purchase things online. Mix in having tons of choices elsewhere, and the choice seems simple. Our city administration is incompetent. Its sad that no one else worth a shit is willing to run for mayor or city council. Max weaver was pushed out because he refused to stay silent, and obey what he was told. We need more officials willing to question everything, instead of questioning nothing.
Pat M., great opinion, but add this to your assessment of Gatehouse Capital’s elaborate scam. As recorded in city council minutes Gatehouse Capital will not be required to repay the $150,000 loan if voters in November vote against the City’s lease agreement with the New York owner of Southbridge Mall. But here’s the mother of all hustles. If the City Council agrees to bankroll the Gatehouse hotel project with a 20 year, interest free, taxpayer $3.5 to $4.3 million loan, Gatehouse Capital is not legally obligated to stick around 20 years till the loan is paid back. They can sell the hotel any time they find a buyer. Don’t forget what happened to Southbridge Mall! Tax payers approved that project, and it eventually went into foreclosure.
Elected officials are honest crooks – as the definition of crook goes -corruption clintion cash — call them out for the crooks they are.
Vote NO on this issue and then vote out every council member that votes for it.
What is wrong with the elected officials in Mason City? The entire arena/hotel concept is yet another albatross being tied around the taxpayers neck.
All the tax money spent defies logic. I see nothing but a bunch of money changing hands for the movers and shakers promoting the project.
There is zero benefit to the day to day average citizens living and paying taxes in Mason City.
City Administrator-Brent Trout and our City Government leaves a sic feeling in your stomach knowing they could care less about the people they are sticking it to.
Pat McGarvey (former interim city administrator)???