Mason City council tonight to set public hearing on development agreement to repurpose Southbridge Mall
MASON CITY — The City Council in Mason City tonight will consider setting the date for a public hearing on a proposed development agreement between the city and the development group that plans to transform Southbridge Mall from a mainly retail facility to one geared toward family entertainment.
OZ Hotels and Resorts, headed by David Rachie, who is also spearheading the Hyatt Place Hotel that will be constructed in the eastern part of the mall parking lot that is part of the River City Renaissance Project, announced two weeks ago that the investment group was purchasing the mall and repurposing it with new retail stores, several restaurants, bars and recreational businesses.
A potential development agreement with the city would include replacement of the mall roof and the redevelopment of the interior and exterior of the mall. The developer would be required to enter into a minimum assessment agreement setting the minimum assessed value of the facility at $30 million and agree to create a minimum number of jobs in the mall.
The city would provide a 10-year abatement of the incremental taxes generated by the redeveloped mall, with the total cost of the tax rebate not exceeding $12,750,000.
A public hearing about the development agreement would take place at the council’s June 1st meeting. The City Council meets tonight at 7 o’clock in a virtual format which you can watch by heading to the city’s website masoncity.net.