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MASON CITY, Iowa – A $10 million dollar loan has been secured for the downtown Mason City hotel project.
City Director of Developmental Services, Steven Van Steenhuyse, has sent a letter to the Iowa Economic Development Authority (IEDA) stating that Indiana-based Byline Bank has agreed to help issue the loan. With this step completing the necessary financing for the project, Van Steenhuyse asks that the IEDA Board formerly approve the Mason City Downtown Reinvestment District at Friday’s board meeting in Des Moines.
Van Steenhuyse also sent to the IEDA a letter from First Citizens Bank that a USDA hotel construction loan application was still available and the project remains “likely to be eligible” for such a guarantee. If issued, Van Steenhuyse says the USDA would guarantee 70% of the Byline Bank loan.
In addition, Van Steenhuyse says the Mason City Foundation has agreed to purchase land next to Music Man Square for the construction of a ballroom addition. He says this means the Meredith Wilson Museum will not have to be relocated and that means the planned hotel will now be built adjacent to Southbridge Mall and closer to the downtown area.
Van Steenhuyse says “the delays and uncertainties leading up to the current status are all due to changes in the plan that have led to a much better project.”
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