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City staff sets timeline for River City Renaissance Project

“It’s going to bring a lot of jobs and help the city move forward.”

Posted: Nov 13, 2017 8:00 PM
Updated: Nov 14, 2017 10:16 AM

MASON CITY, Iowa- Mason City city staff met Monday to come up with a timeline for the River City Renaissance Project. Interim City Manager Kevin Jacobson says both the city and the developers have a lot left to do before they start construction. That's something many are excited to see.

“It’s going to bring a lot of jobs and help the city move forward,” says Mason City resident Erick Nganyange.

“I’ll probably just be a customer,” says Annabella Christianson.

Gatehouse Capital was not able to secure a senior lender that would fund at least 60 percent of the project as well as a brand for a hotel. They say that is a difficult task to handle with a public vote, but now that the project passed people want to see the developers start securing the funds.

The city still needs to approve the development agreement as well as bring the project before the state of Iowa Economic Development Authority to have the project reassessed to secure state funds.

“I want to learn what’s going on right now to keep it moving forward,” says Nganyange.

“It would be good to know if there was a good lender beforehand,” says Christianson.

City leaders say they will release more about the development agreement Tuesday of next week.

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