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Mason City City Council approves development agreement with G8 Development

The Mason City City Council approved the development agreement between San Diego development company G8 Development and the city to construct the $38 million River City Renaissance Project.

Posted: Dec 28, 2017 8:35 PM
Updated: Dec 28, 2017 10:58 PM

MASON CITY, Iowa- The Mason City City Council approved the development agreement between San Diego development company G8 Development and the city to construct the $38 million River City Renaissance Project.

The council voted six to zero in favor of the terms of the project with the Mayor signing the paper work at the desk in front of the public..

This approval essential sets the guidelines how money is going to be spent, as well as how much money the developer needs in order to construct the project. The agreement also means the developers will need to drop the law suit they brought forward against the city as well as the Mason City Chamber of Commerce.

Those who spoke tonight say this project needs to move forward.

“If this thing flip flops again in the New Year or in or tonight- it’s done, says Max Weaver, a Mason City resident. “In my house hold if things don't come together in three years something's wrong.”

City staff also explained where the developers are currently when it comes to receiving the funds for the project saying they have heard from several banks that they are interested.

The next step of the process would be to bring the development agreement to the Iowa Economic Development Authority to be awarded the state funding for the project. When City Staff and elected officials met with the board at the December meeting the board stated they wanted two see three aspects of the project completed before they would award the money: A signed Purchase, Sale and Development agreement, funding in place and the law suit dropped.

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