MASON CITY – The Development Services Department in Mason City’s city hall outlined the status of several projects that are taking place right now in town. The following information was released in documents made available to the public this week:
Major Departmental Activities and Items of Interest:
Iowa Reinvestment District Program: At their August 17 meeting, the IEDA Board directed the City to provide either proof that G8 Development has an executed financing commitment, or show that the City has begun the default process. A notice to produce the requested document was sent to G8 on August 29, allowing five business days to respond. As of close of business on September 6, we had not received anything from G8. On September 7, Staff sent a Notice of Default and a Stop Order to G8. According to the Purchase, Sale and Development Agreement, they have 45 days (until October 22) to cure the default.
The IEDA Board met on September 21. Their staff notified the Board that the City had sent a Default Notice. Since there can be no action during the cure period, the Board took no further action. If G8 does not cure the default, City Staff will work with IEDA Board staff to discuss further options.
Corridor (North/South Federal and Central Area IA 122 corridors – CoRL) and Downtown Revitalization Loan (DoRL) Programs: The Forgivable Loan Review Committee did not meet in September. A loan in the amount of $27,776 was disbursed to Mike and Carmen Tickal for improvements to 219 and 221 North Federal Avenue (Oak Leaf Collectibles).
Developments:
1) The STEM addition to the NIACC Science Building/McAllister Hall is expected to be fully open in September. Portions of the building have been opened for the beginning of the Fall semester.
2) Construction continues on the Spring Lake Townhomes, behind the new Hampton Inn and Suites on Spring Lake. All buildings are framed and interior work is ongoing.
3) The new Mercy Medical Center North Iowa Behavioral Health Unit is continuing with interior work.
4) The former Pasta Bella building at 1303 South Federal Avenue is being converted to a Laundromat.
5) The owners of Wayne’s Ski and Cycle are completing a renovation and addition to the building at 15 6th Street SW (currently Payday Loans). They intend to move Wayne’s to this location sometime next year.
What are they going to do now that Clear Lake is going to build a new hotel and convention center?
Out of CONTROL – most of the people looking for the $$$$$$ – spend and borrow because their really broke and they know where the money is – your money !
The city should use this five day to look for another developer, but this time make sure they have the money up front.
G8 had five days to produce documentation that he is either serious about his bid, or just a con-man. This is his second default with the City, you think they would have learned from the first time.
The situation just begs the question, who in the City is his don? Surely not the lemmings at 10 First Street NW. They also kiss the ring of the don.
Yes, it is a serious accusation. But given the turn of events, what other explanation can there be?