DES MOINES – A posse of pro-Renaissance Project personnel from Mason City presented to state economic development officials Friday in Des Moines and found out they need to clear two more hurdles before alleged millions in funding can be unlocked.
NIT learned this evening that as many as 19 “YES” campaigners made the journey to the capital city to get in front of the Iowa Economic Development Authority board and make sure their project rolls ahead. Eric Bookmeyer drove his vehicle and crammed it full, and then a van was stuffed, too. Making the journey was Interim City Administrator Kevin Jacobson, city employee Steven Van Steenhuyse, council members Josh Masson and Bill Schickel, Supervisor Tim Latham for the Board of Supervisors (who have committed $500,000 to the project), hotelier Steve Nodo, Gary Schmidt of Henkel Contruction, city employee Brian Pauly, Chad Schreck of the North Iowa Corridor, Jon Prebeck of First Citizens Bank, Kelly Harbacheck and Loni Dirksen of Bergland and Cram Architects, and perhaps others. Council member Janet Solberg drove herself down.
The board heard presentations from Bookmeyer, Jacobson, Van Steenhuyse and Schmidt and then posed questions about the viability of the project and hotelier Philip Chodur’s G8.
The board told the horde that G8 needs to come forward with legitimate financing and an agreement between the hotelier and the City must be signed before the Reinvestment District program for Mason City can be a reality and the state can make an award of perhaps $7.1 million. There is no lump sum check given to the city, if approved by the IEDA Board. Tax dollars would be collected in a small area in the downtown – only in new construction, like the hotel. Those dollars are sent to Des Moines, and then the state doles them back to the city in small increments over decades. The city would pay for millions of dollars in general obligation bonds to make the project happen.
The City will likely sign an agreement with G8 on December 28, sources tell NIT, and the City expects to see G8 produce bank financing for as much as $12 million so it can go ahead with building its hotel in a Southbridge Mall parking lot.
