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
Let’s clear up some misconceptions. First, for a landlord, Section 8 is voluntary. That means, if a property owner does not want it, the property is not included in the program.
Second, if a renter with a Section 8 voucher comes to your door, you have the right to reject them (within reason and cause). For cause includes credit and criminal checks failures (fair housing laws apply).
Third, You must apply with HUD to even rent under Section 8. The property must pass inspection based on HUD’s minimum standards. Units are inspected every year.
Last, there are a limited number of vouchers allotted to a particular location. In addition there are vouchers available from the VA program, and the Rural Housing program. Also, take into account that some vouchers are portable, in certain instances and qualifications. Preferences are given to disabled and elderly.
Developers make their money DOING the deal. They could give 2 shits if it’s successful or the long term effects on the community.
The location and number of units are assinine.
The people of Mason City are being shaken down, once again. All thanks to very stupid leadership in Mason City!
HO HO HO, another joke!
OK, already a discrepancy.
Slick willie Schickel says it is a 10 Million dollar project.
Steve Boote on his website says it is a 14 Million dollar project.
Which one is it boys? Oh waht the heck what is “minor” 40% difference increase in cost, eh.
“According to Schickel, the city’s in plans with Talon, LLC of Sioux Falls, South Dakota, to develop a $10 million, 113-unit complex.”
https://globegazette.com/news/local/govt-and-politics/mason-city-mayor-announces-m-downtown-apartment-project-groundbreaking-in/article_6aa53d6c-9f48-5504-acf7-b492f9b23b65.html
“Eagle / Talon Plan To Develop A $14,000,000 Multifamily Housing Project in Mason City, Iowa.
https://www.linkedin.com/pulse/eagle-talon-plan-develop-14000000-multifamily-housing-steve-boote?trk=portfolio_article-card_title
I would much rather have a nation restaurant chain something like Cracker Barrel on the lot not another apartment building which will be turn into another old folk home.
Not to worry = By the end of 10 years with no Taxes paid and the property looking like all others in Biggy cities like chitcago and deadtroit – SLUMMMMMS – the city can have local taxpayes TEAR IT DOWN. Lesson learned – thieves get RICH you dumb bitchs.
Bet their LIEING AGAIN – we smell TIF – Loan guarantees -SECTION 8 – bUZZLOADS OF DEATROITERS -CHITCAGONITES ALL PLANNED BY YOUR CHAMBER OF LIBERALS/SOCIALISTS. Vegas odds says their dupeing us — you — me me ! Don’t trust them to tell the truth !
One smell of this, will tell you something is not right.
The demographics do not work out.
First off, currently Mason City has more renters 36%, than the state average of 29%. There are 4,515 out of 13,624 homes in Mason City that are rentals.
The median rent for apartments in Mason City is $463 (vacant for-rent). Median contract rents are $341.
According to another source, the rent of this new project will begin at $630 for an efficiency. Town homes with three bedrooms will be $1,400.
No one in town will talk about how many vacant apartments there are in Mason City, so any number would be speculative at best. But all one has to do is look at the trends in population in the City, to realize an investment in apartments is not very good right now.
The number of jobs in the City has trended down for at least the last decade. I cannot quantify it (yet), but the buying power of those remaining jobs has gone down.
There is nothing to draw new people in. Retail is dwindling. Foods and other shops are dwindling. There are too many vacant storefronts.
And again, no one is willing to tell us the vacancy rate for hotels in Mason City either, peak or off peak. What is there to come here for other than the PGI Convention which fills up rooms for miles around? No one adds capacity for every 4 years.
Would this project count as private investment for/towards the state money along with the hotel?
But where is everyone going to be able park once the multi purpose arena is finished and people flock to it?
Won’t those parking spaces be needed for all the fabulous activities that will take place at the event center?
If they do become section 8 apts.,what measures are taken to assure that the residents keep them in livable condition? Since they are getting government money, where does the accountability lie?
Talon LLC CEO is Jim Neal was the CEO Bankhaus Metzler witch ended in
Bankruptcy. No credit checks needed in Mason City. Where is the current list of projects open for bidding in Mason City?
Is that parking lot listed for sale? How much?
All section 8 and will be destroyed in no time, if it ever happens.
I sure hope this does not take too many away from San Antonio Tx, after all our mayor said the river walks will be very similar. I bet they are worried
Gota have somewhere for the chamber of commerce imports !
Thought this was a flood zone.
and just like the rest of this project, it aint going to cost the taxpayer nothing!!! Right? Guarenteed nothing? Right?
This is PERFECT!!! See….things are looking up already. For all the naysayers, this is BAD BAD news. For the rest of us, this is GREAT GREAT GREAT GREAT news!!!!