NorthIowaToday.com

Founded in 2010

News & Entertainment for Mason City, Clear Lake & the Entire North Iowa Region

Opinion: Vote “NO” to avoid 108% INCREASE in city debt

$26,500,000 deeper in debt.

That is the REAL story behind this River City Renaissance Project in Mason City.

Current General Obligation Bond City debt is $24,597,900. If these two Nov. 7th General Obligation Urban Renewal Bond issues are approved, the City will add $26,500,000.

Bringing the NEW General Obligation bond total to $51,097,900.

A 108% increase of GO Bond debt.

The up front money for this Renaissance Project is overwhelmingly from public borrowed money via these new City GO Bond proceeds.

City of MC: $26,500,000.
Gatehouse equity: $1,500,000.
Senior Lender to Gatehouse: $9,000,000.
Total: $37,000,000.

Public money supplies approximately 71.4% of the $37 million necessary to fund all projects on day one.

This $26.5 million of new City General Obligation debt carries the full faith and credit of the City of MC behind it to the investors who purchase these City bonds.

That means access to the City tax levy if necessary to fund the 20 years of payment to retire this bond debt.

Then realize that this Renaissance Plan involves giving away to the Southbridge owner $13,500,000 from the City’s $26,500,000.

Then add millions for the cost of interest on this new $26,500,000 of City GO Bond debt.

The so-called state “grant” (what a laugh) from the Iowa Reinvestment Act via the IEDA is NO multi-million dollar check to the City as is alluded to in some officials comments. Disingenuous and misleading statements from these officials who are hell-bent on helping a few retailers at the expense of the common citizens.

This approved sum will have to earned from sales in NEW business facilities within a 25 acre Urban Renewal District in downtown MC within 20 years. The sales tax is 9% of the sales that becomes this so called grant money. If the new business facilities sales fall short and the expected tax revenue is less
than the IEDA sum awarded – tough luck MC! See your taxes GO UP as the mayor alluded to Tuesday night.

Vote NO on the Lease Agreement for $13,500,000 gift money to the Southbridge Mall owner from New York, $60,000 behind in taxes already on the mall.

A Concerned Citizen
Mason City, Iowa


Send your letter to the editor to NorthIowaToday@gmail.com
NOTE: The opinions expressed in letters to the editor are not necessarily those of NorthIowaToday.com.

11 LEAVE A COMMENT2!
Inline Feedbacks
View all comments

The words written by a CONCERNED CITIZEN could have been taken directly,out of the Bible…..100% true. A yes vote is a 20 year morgage on your home.
.

The other day Trump said The calm before the storm – I thought NOKO. Been informed that this hollywood producer (pedo) has shit on numerous congressional members who are pedos – blackmail to high heaven – no wonder they are rated at 15%. Get em Trump !

why do you think Trout bowed out?? he knows years from now when it starts to cost the taxpayer that he is in deep shit. jumped overboard on the sinking ship

This is a great read and “Concerned Citizen” has done his homework. I have been running the numbers and I have concluded there is no reward in the risk. The risk is real and certain.

While I don’t know who “Concerned Citizen” is, I have a pretty good idea from reading the article he is educated in CITY MANAGEMENT.

I say NO to this terrible idea.

To make your day. (again) I talked to large group at the coffee table this morning, and the there was not one yes in the group. I counted eleven and specifically asked if anyone could find some good in the project and they all laughed and in unison said, “there isn’t any”. We all had a good laugh.

Hell no!!

Finally, someone coming out with the real facts. Vote NO!

Opinions of Concerned Citizens don’t mean Squat

Aww, look at you making up fake numbers to try and get people to vote the way you want them. Vote YES!

Jackie, it is the project that is FAKE.

Speaking of ” helping a few retailers ” I just noticed a sign on the N.E. corner of State and Kentucky in front of Bergland & Cram Architects. Suppose they will make any money off this money pit.

Sorry, the sign said “VOTE YES”

Even more news:

Copyright 2024 – Internet Marketing Pros. of Iowa, Inc.
11
0
Would love your thoughts, please comment.x
()
x