Project costs listed below are not to exceed numbers – actual project costs may be lower. Any cost reductions would reduce the required Urban Renewal Bond financing and reduce payback years on bond retirement.
Reinvestment District Funding outlined below is based on the assumption the City will receive $9.5 million in state funding. If less is received, that portion will be covered by additional TIF financing.
Click here for financing in spreadsheet format.
The Music Man Square Complex & Hotel $24.57 Million
- Convention Center/The Music Man Square Renovation – $3 million
- Reinvestment District Funding $1.8 million; TIF funds $1.2 million
- Hotel – $17.57 million
- Private Loan or Equity $13.37 million (paid by hotel owner); TIF funds $4.2 million (principal of loan is repaid by hotel owner at end of 20 years)
- New Museum – $1.5 million
- Reinvestment District Funding
- Skywalk – $2.5 Million
- TIF funds
Multi-Purpose Arena $12.55 Million
- $4.75 million – Iowa Reinvestment Act District
- $4.1 million – City of Mason City TIF
- $2 million – Mason City Youth Hockey
- $1.2 million – Local Option Sales Tax (current city sales & service tax)
- $500 thousand – Cerro Gordo County
Performing Arts Pavilion $1.65 Million
- $1.45 million – Reinvestment District Funding
- $200 thousand – Private Grant