Mason City council to consider second reading of ordinance establishing Reinvestment District
MASON CITY — The City Council in Mason City tonight will consider the second reading of an ordinance that would establish the Reinvestment District that’s part of the River City Renaissance project.
With the Iowa Economic Development Authority Board of Directors conditionally approving the city’s project as part of the Iowa Reinvestment Act, it set the commencement date for the district on January 1st of this year so it can start capturing the five-percent state hotel-motel tax and two-thirds of the state sales taxes generated inside the reinvestment district during a 20-year period. The city will use the funds to retire the debt incurred when developing the projects, with the state rebating the funds to the city on a quarterly basis.
The council meets tonight at 7 o’clock in the Mason City Room of the Public Library