MASON CITY — The City Council in Mason City on Tuesday night is being asked to set the date for a public hearing to consider a proposal for a market rate housing development in the downtown area.
Mayor Bill Schickel says the development south of Southbridge Mall would create over 100 quality apartment units for the downtown area. He calls it one of the first major spin-offs from the River City Renaissance project. “Talon Development of Sioux Falls is proposing a $10 million apartment complex along Mason City’s downtown riverfront. The four-story, 113 unit building would be located on the lower overflow parking lot south of Southbridge Mall.”
City Administrator Aaron Burnett in a memo to the council says the development will require an incentive of a 10-year, 100-percent tax abatement and the sale of under-utilized city land. Burnett says the 10-year/100% tax abatement incentive is being recommended as the new standard for multi-family housing in the downtown and blighted areas of the city. He says the development will continue the redevelopment of the area and bring important shoppers to the nearby stores driving new commercial development.
Talon is proposing buying the land for $50,000. The city by state law would have to consider any other qualified bidders for the land that submit proposals by April 8th. A public hearing about the project would be schedule for April 19th.
The council has their first regularly-scheduled meeting for the month on Tuesday night at 7 o’clock in the Mason City Room of the Public Library.