MASON CITY — Although the date set as the deadline to close a deal between the City of Mason City and developers of a hotel as part of the River City Renaissance Project was set for today, Mason City’s mayor says negotiations will still continue.
The City Council last month approved the sale of the land in the eastern portion of the Southbridge Mall parking lot to MCCCH Incorporated, headed by developer David Rachie.
Mayor Bill Schickel says there has not been a closing yet, meaning that will be bumped into next year, which is disappointing. “I remain optimistic that we’ll be able to get that closed and move forward, but it has not been closed yet. So that will be one of the challenges that will be bumped into next year, and we’ll have to deal with next year, along with other challenges.”
Schickel made his comments during the “Ask the Mayor” program earlier today on KGLO. You can listen back to the program by clicking here.
Construction on the hotel will be financed by loans from Stearns Bank which have been guaranteed by the US Department of Agriculture.