MASON CITY – A developer is seeking to build a large apartment complex in downtown Mason City.
Tuesday night, the Mason City council will consider setting forth the competitive bidding procedures and fixing a date for a public hearing to consider the proposal from Talon, LLC for a market rate housing development in the downtown area.
According to city documents, city staff has been working diligently on encouraging the development of new multifamily housing in the downtown area per the council priorities set in 2018. The product of these efforts is the development proposal being presented today. The development by Talon will bring 113 high quality, market rate apartments to the downtown area. This development will require an incentive of a 10 year/100% tax abatement and the sale of underutilized city land. This tax abatement incentive of 10 years and 100% is being recommended as the new standard for multifamily housing in the downtown and blighted areas. Mason City has witnessed some new construction of multifamily developments, but the vast majority of this construction is focused on greenfield sites on the outer sections of the community. To reinvest in the downtown and bring life to the area, development projects need to have some increased incentive to take on the task of developing downtown and blighted areas with tighter sites, existing structures and more difficulties. This development will continue the redevelopment of the area and bring important shoppers to the nearby stores driving new commercial investment. The proposal from Talon is a payment of $50,000 for the land to the city and the approval of a future application for the increased tax abatement schedule.
In a “breaking news” segment Monday morning, Mayor Bill Schickel claims the development is a spinoff due to the emerging Renaissance Project that is underway nearby.
https://twitter.com/billschickel/status/1102549584214196225
$10,000,000 property in Mason City would pay $127,000 a year in property taxes. Why give 10 years free? $1,270,000 gift to someone that never has been to Mason City yet a local home owner is one cent late on taxes start the auction proceedings. If this is such a money maker why give Talon LLC. over a million dollars? When this place floods and we have to evacuate 500 people and pets who pays for that or how much will flood insurance cost being in a flood plain? Why would a mayor want to put children in harms way?