MASON CITY — Mason City leaders will give an update on the River City Renaissance project later today to the Iowa Economic Development Authority’s Board of Directors.
The IEDA Board contingently approved a maximum benefit of almost $9.2 million for the downtown project through the state’s Iowa Reinvestment Act. The $38 million Renaissance project includes the new multi-purpose arena scheduled to open in early December in the former JC Penney location of Southbridge Mall, a $24 million, 106-room Hyatt Place hotel in the eastern part of the main parking lot of the mall, a convention center complex that includes the hotel and Music Man Square, and a performing arts pavilion on the mall’s north side.
Some of the contingencies that the IEDA Board put in place are past due and the City of Mason City is asking the board to formally amend those award contingencies. That includes extending the deadline to February 28th for the submitting of a letter acceptable to the IEDA Board that financing for the hotel construction has been secured, and that if it’s determined that it is necessary to obtain approval of an amended plan that it’s submitted to the IEDA by December 31st.
The IEDA Board meets starting at 9 o’clock at their headquarters in downtown Des Moines. We’ll have updates from Des Moines during our noon and afternoon newscasts on our radio stations as well as online at kglonews.com.