Council 1

Gatehouse Capital official David Rachie makes a statement about his company's downtown hotel proposal prior to the city council's unanimous vote to approve the pre-development agreement with the company at a Mason City Council meeting in May 2017. 

The current development agreement requires Gatehouse to invest 10 percent of the hotel cost. About 26 percent comes from the Gatehouse and its investors, 50 percent from the senior bank loan, and the rest from the city’s $4.2 million loan. Eventually, Gatehouse and its investors will pay $13.37 million of the cost of the hotel. It has to re-pay the $4.2 million loan to the city over a 20-year period.

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