Speech to Text for Developing story: River City Renaissance Project
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live eye new developments tonight in a project set to transform downtown mason city. now á it's official. the city council has made the final determination to work with gatehouse capital on the river city renaissance project. kimt news 3's annalise johnson is live at the future site of the hotel and conference center to tell us all about it. annalise? katie á george á tonight the agreement between gatehouse and the city did become official. but not before the public gave their thoughts on building the hotel and convention center in this mall parking lot.xxx "that's a total of 519 thousand dollars for a 3 dollar investment. who would want to do that?" mason city residents stepped up to the podium at tonight's city council meeting to offer their thoughts (on( and criticism (of( the project. "take into consideration the taxpayers in mason city that may have to suffer the brunt of what you're doing tonight. i hope the project is successful." some urged the the council to vote against the agreement with gatehouse capital. "and i believe this project is worth the risk" others showed great support for the planned hotel and conference center. "we are very excited at music man square and have supported this project for many years." "previously visit mason city has tracked more than 6 million dollars in lost visitor spending from events that we do not currently have facilities to accommodate." "important for the council to consider and i know you have considered the cost of doing nothing. and the cost of saying no." those in attendance had the chance to hear from a gatehouse representative á and the council asked questions before making their final determination. "pure capital. so the loan would be on top of that? yep. that you would seek privately? yep." ultimately á mason city city council voted unanimously to approve the purchase sale and development agreement between the city and gatehouse mason city llc. the convention center will be on the first floor. there will be a skywalk to music man square with additional ballroom space a tower will be above that for the hotel. live in mason city annalise johnson kimt news 3. city administrator aaron burnett hopes construction on the project can begin by winter./// continuing coverage