MASON CITY | The Iowa Economic Development Authority (IEDA) has given G8 Development an extra 30 days to fulfill the bank financing aspect of the nearly $39 million River City Renaissance project.
Mayor Bill Schickel told reporters following Tuesday's council meeting that IEDA board members want to see the underwriting portion of the $10 million loan completed before it meets with them again in Des Moines. That means the project "probably" won't be on the agenda this Friday.
"We're about 80 percent there, but they want us over the finish line," Schickel said.
One contingency the IEDA placed on the city with a May 18 deadline was that a Purchase, Sale and Development Agreement be approved for The Music Man Square and Meredith Willson Museum between the city and the Mason City Foundation. That was finalized as council members unanimously approved an Amended and Restated Development Agreement between the two parties Tuesday night.
But the contingency that still needs to be approved is documentation of proof of financing for construction of the downtown hotel. Director of Development Services Steven Van Steenhuyse released a letter to media outlets Tuesday showing that Byline Bank is currently in the process of underwriting for the financing with G8 Development, the hotel developer.
Schickel clarified that the financing is "partially approved" and that Byline Bank has 30 more days to complete underwriting for the loan.