MASON CITY, Iowa – The City Council is moving to terminate its downtown development agreement with a San Diego firm.
A resolution ending the deal with G8 Hospitality Group is on Tuesday’s agenda for the Mason City City Council. It comes after developer Philip Chodur missed multiple deadlines to secure funding and break ground on a Marriott hotel in the parking lot west of City Hall.
The development agreement was approved in January, 2015, and the hotel project was described as “critical” to getting $7.1 million in state funding for a $36.2 million downtown revitalization plan that also included an ice arena, parking ramp and music pavilion.
By cancelling the agreement, Mason City would regain full ownership of the property and would be able to pursue other development options. City Administrator Brent Trout has said the intention remains to build a hotel on that site, no matter who ends up building it.