Answers to frequently asked questions on downtown project

MASON CITY | The City Council will hear a presentation Tuesday night on a proposed downtown redevelopment project that includes a hotel,an ice arena/multi-purpose center that would occupy the space in Southbridge Mall being vacated by JC Penney, aperforming arts pavilion, parking ramp, apartments and retail space.

The city is expected to file a pre-application for money funded through the Iowa Reinvestment Act.

Here are answers to some frequently asked questions about the project.

Q: What is the total cost of the project and who is paying for what?

A:The total cost is estimated at $30.65 million. Here is how it is divided:

Marriott hotel: Private investment of $10 million by G8 Development, San Diego.

Parking ramp: $4.5 million. It would be owned and operated by the city with spaces for 200 to 250 vehicles. Of these, 110 would be leased to the hotel for use by employees and hotel guests. The remainder would be available to the public. Construction would be primarily funded through the tax increment financing district.

Apartments/retail building: $2.5 million. Private investment (G8).

Performing Arts Pavilion: $1.65 million. A citizens committee has raised $191,000. Additional private funding is being sought.

Ice arena/multi-purpose center: $12 million. The Mason City Youth Hockey Association has pledged up to $2 million in cash and equipment. Other funding sources include Reinvestment District revenues, $4.8 million; Local Option Sales Tax revenues, $1.2 million; tax increment financing, $3.5 million; and Cerro Gordo County, $500,000.

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Answers to frequently asked questions on downtown project