MASON CITY — Mason City’s mayor says a final development agreement is near between the city and the hotel developer that’s part of the River City Renaissance project. Gatehouse Mason City LLC was chosen back in November to be the developer after G8 Development was found to be in default of their agreement with the city. The hotel is a key component as it fulfills the private investment portion of the $39 million project being supported through the Iowa Reinvestment Act.
Mayor Bill Schickel says the city and Gatehouse have an agreement in principle, but some of the final details are still being worked out. “The lawyers are working out the final details on the language and we expect that to come before the city council either later this month or her sometime next month.”
City officials updated the Iowa Economic Development Authority last week about the River City Renaissance development. Schickel says the IEDA continues to show their support for the project. “The city was granted an extension on starting construction of the hotel for the River City Renaissance project. I view that as very positive as well, because it shows the confidence of the Iowa Economic Development Authority in the entire project in what we’re doing and the track we’re on.”
Schickel says he’s pleased that construction on the multi-purpose arena portion of the project is ahead of schedule. “Our multi-purpose center is rocking. The steel beams are going up and it’s really something to see. We’re on schedule there, in fact we’re ahead of schedule for a grand opening by the end of the year.”
Schickel made his comments earlier today on the “Ask the Mayor” program on AM-1300 KGLO. Listen back to the entire program via the audio player below.