MASON CITY – Mason City Renaissance Project supporters recently met with state officials over the beleaguered endeavor and claim to be making progress.
According to social media page for the River City Renaissance Project:
PROJECT UPDATE:
On Jan 19th, the Mayor, members from City Staff, EDC, and G8’s team met with Director Durahm, IEDA staff, and two IEDA board members following their regular monthly meeting.
They had a very productive meeting, exchanged several good ideas, and action steps for a plan forward. Progress continues to be made, and we look forward to updating the IEDA board and you all at the next meeting on Feb 16th.
We value and appreciate your continued support and together we can get this entire project completed.
Stay Positive Mason City!
A spokesman for the Iowa Economic Development Authority told NIT on the afternoon of January 19 that “as we are still waiting for the needed documentation, IEDA requested the board to defer the action today until further notice as we are still awaiting the needed documents.”
The board appears to be waiting for proof of at least $10 million in private funds that are required to be injected into the project. In this case, for the hotel, which would come from G8 Development.
Desperate for your tax dollars
to bail it out, again.
In other developments, in recent days, land surveyors have been spotted near the site of the proposed hotel, in the Younkers parking lot at Southbridge Mall, possibly readying for ground-breaking someday. Many wonder if the Younkers store will survive, even if the Renaissance project goes through. Its stock is trading at 16 cents a share today and the company announced a new strategy to axe print advertising for other, more effective ad campaigns even as it struggles with creditors in forbearance. NIT is also told there is vicious in-fighting taking place between personalities connected to the Mason City Foundation, which runs the Music Man Square and is desperate for millions of dollars to re-hab the failing structure. The word “blackmail” was tossed into a discussion NIT had with a person gathering data connected to the matter. NIT is readying a possible report as new details continue to emerge.
