MASON CITY, Iowa – The City Council is scheduled to vote Tuesday on a new developer for the River City Renaissance project.
Mason City recently cancelled its agreement with G8 Development on the multi-million dollars downtown revival, citing G8’s refusal to provide financial information required by the Iowa Economic Development Authority before state funding could be awarded to the project. At Tuesday’s City Council meeting, a vote will be held on a pre-development agreement with Gatehouse Mason City, LLC.
Gatehouse had previously entered a bid on the River City Renaissance project before it was awarded to G8.
In a memo to the Mayor and Council Members, Mason City City Administrator Aaron Burnett recommends approval of the Gatehouse deal, stating “further delays will likely result in the loss of partners and/or the loss of the Reinvestment District through the Iowa Economic Development Authority.”
In a letter to Burnett, Gatehouse managing member David Elias Rachie says their vision for the project includes a 100 room hotel and additions to the Music Man Square, including a conference center with a 6,500 square foot grand ballroom and a 1,500 square foot banquet/catering kitchen.
The Mason City City Council will meet at 4 pm Tuesday in the Public Library.