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Mason City awarded $9.6 million in capital investment from Iowa Economic Development Board


This news story was published on February 16, 2018.
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Proposed hotel from G8 Development, near Younkers

DES MOINES – Today, the IEDA board approved the maximum benefit amount of $9,162,600 for the Mason City Downtown Reinvestment District plan submitted by the City of Mason City. This approval was made with contingencies that include weekly project updates to IEDA staff and receipt of requested documentation by the deadlines outlined by the IEDA board.

This district includes four projects:

  • The first project in the district is the proposed Downtown Hotel.  Branded as a Marriott, this will be a 4-story, approximately 100-room “select-service” hotel, with guest amenities such as a workout room and “boardroom” meeting spaces.
  • The second project is The Music Man Square Conference Center and the Meredith Willson Museum. The project includes renovating the existing Music Man Square into a conference center serving small to medium sized conferences, meetings, and receptions capable of accommodating up to 650 guests. Relocation of the Meredith Willson collection and other artifacts requires construction of a new Meredith Willson Museum.
  • The third project is a Skyway over South Delaware Avenue/US 65.
  • The fourth project is the Sports/Entertainment/Retail Complex. This project includes two components, the Performing Arts Pavilion and the Multi-Purpose Arena, both involved in the “repurpose” of Southbridge Mall.

Home for a multi-purpose arena?
Seems more likely that ever, now.

The Iowa Reinvestment District Program is designed to assist communities in developing transformative projects that will improve the quality of life, create and enhance unique opportunities and substantially benefit the community, region and state. The program provides for up to $100 million in new state hotel/motel and sales tax revenues to be “reinvested” within approved districts. The full $100 million appropriation has been allocated with the approval of Mason City’s project. Districts cannot exceed 25 acres in size and must be in an Urban Renewal Area.

Iowa Reinvestment District plans must include tax revenues generated by “new retail establishments” and “new lessors.” New retail establishments cannot exceed 50 percent of the total proposed capital investment. At least one of the new proposed projects within the district must reach a total capital investment of $10 million. And, the total amount of new tax revenues to be remitted to the municipality cannot exceed 35 percent of the total cost of all proposed projects in the district plan.

There is no “lump sum” check issued to Mason City by the state for the $9.6 million.

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22 Responses to Mason City awarded $9.6 million in capital investment from Iowa Economic Development Board

  1. Avatar

    Anonymous Reply Report comment

    February 20, 2018 at 8:37 am

    Infro Wars – EYE witness just came forward on two boys killed in 1987 by arcancide and guess who name comes up — Clintons – looks like they may actually be wearing some striped suits and bush jr. was also named. Finally a person who quit being PC. Thank you Lord.

  2. Avatar

    mint Reply Report comment

    February 18, 2018 at 7:37 am

    Of course the numerical amount was 9.6.

    • Avatar

      JennG Reply Report comment

      February 18, 2018 at 3:45 pm

      why didn’t any local lender want any part of this financing? ummmmm

  3. Avatar

    mint Reply Report comment

    February 18, 2018 at 7:35 am

    Forecasting the need of a large cooler, using a ice arena as a cover for the real purpose of a large ice box.

  4. Avatar

    TOTAL WASTE Reply Report comment

    February 17, 2018 at 1:00 pm

    No new companies will come here because of this project. No new meaningful jobs, nada. Employer’s want to locate where there is positive growth and opportunity not tax subsidized projects that guarantee higher property taxes. Mason City does not project itself well when it comes to wanting to become a better community. Big Business knows throwing money around on “projects” offer nothing for a bright future.

    10 years from now those lining their pockets will be laughing their ass’s off while sipping a cocktail.

    The projects main goal is to keep Mason City the dreary little backwards town that never grows or provides opportunity will come to pass and nothing good will have occurred.

    When will they ever learn?

  5. Avatar

    Anonymous Reply Report comment

    February 17, 2018 at 8:12 am

    In the next winter olympic games Mason city will have 9 players on the American team at a cost to Mason City taxpayers of only $1,000,000.00 each – what a deal to make a taxpayer squeal. Lighten up buy a jar of vaseline.

  6. Avatar

    Anonymous Reply Report comment

    February 17, 2018 at 1:28 am

    It Ain’t Built Yet!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  7. Avatar

    snow bird Reply Report comment

    February 16, 2018 at 4:51 pm

    Congratulations Mason City puppeteers on perfectly circumventing Iowa code on competitive bidding on public improvement projects by loaning or injecting millions in city taxpayer dollars (GO bonds) to private business. https://www.legis.iowa.gov/docs/ico/chapter/26.pdf … Clearly, laws (and ethics) are made to be broken in Mason City (and apparently, Des Moines, too) as a few in that photo of smiling faces know very well. As long as the right people cash out, all is overlooked, “yes”? But hey, who cares about those pesky details … good luck on the project, I hope the city can capture the $9.6 million over the coming years.

  8. NIT Publisher

    NIT Publisher Reply Report comment

    February 16, 2018 at 4:20 pm

    When does a shovel pierce ground?

  9. Avatar

    MattG Reply Report comment

    February 16, 2018 at 4:07 pm

    This could and very well might bankrupt what left of MC

  10. Avatar

    MattG Reply Report comment

    February 16, 2018 at 4:06 pm

    So many unanswered questions. So many dodged questions unanswered. This was and is ALL about hockey.

    • Avatar

      doctorcy Reply Report comment

      February 17, 2018 at 1:18 pm

      What unanswered questions?? The MC Chamber’s promoted YES campaign won out. They said YES THEY want this pipe dream to go forward. What more needs to be answered?

  11. Avatar

    Anonymous Reply Report comment

    February 16, 2018 at 4:04 pm

    Hotel still not in tact, we can pray it falls through. The hockey people of course have yet to “show us the money” for there downtown project. REMEMBER we were promised NO tax hikes.

    • Avatar

      Anonymous Reply Report comment

      February 16, 2018 at 4:28 pm

      Yes praying for failure of our city is a great plan. I can tell from your grammatical errors you’re a highly educated nay sayer. (This is sarcasm btw)

      • Avatar

        Anonymous Reply Report comment

        February 18, 2018 at 3:28 pm

        praying for a BAD plan to fall through…absolutely

  12. Avatar

    Anonymous Reply Report comment

    February 16, 2018 at 4:02 pm

    What a disaster waiting to happen

  13. Avatar

    Anonymous Reply Report comment

    February 16, 2018 at 3:34 pm

    I knew Mayor Bookmeyer wouldn’t lead us astray. Thank you!

  14. Avatar

    Anonymous Reply Report comment

    February 16, 2018 at 2:33 pm

    Great News!

    • Avatar

      Anonymous Reply Report comment

      February 18, 2018 at 3:30 pm

      YES GREAT NEWS FOR MC HOCKEY, the rest of us are just going to pay for it.

  15. Avatar

    Anonymous Reply Report comment

    February 16, 2018 at 2:21 pm

    Now let’s get started.

    • Avatar

      JennG Reply Report comment

      February 18, 2018 at 3:40 pm

      LET’S START BY ANSWERING QUESTIONS LIKE: since the original contractor, as promised, is non longer, does a new vote need to happen? Does the Hockey people have to provide or prove anything? Who pays the utilities while hockey is using the complex for 1/2 the year? Who pays security? Who pays for the concert riders? who pays to have the prep work done to put on concerts? who signs the multi-thousand dollar contracts with the staged talent? Who pays the general liability for events and when hockey controls the complex? Why does hockey get to name the facility? why does hockey control sponsorship’s? Why are we giving the hockey people credit for the equipment THEY need to do THERE ice? What happens if the tax levels generated by this small retail area doesn’t meet it’s goals? What happen if the other hotels lower their prices to create a price demand from this new hotel? I HAVE ABOUT 40 MORE QUESTIONS PEOPLE ASKED BUT WERE DODGED!!!!!