The city council in Mason City Tuesday night approved a development agreement for one of the final pieces of the River City Renaissance project, a new hotel downtown.
The agreement is with a limited liability corporation connected to the Kinseth Hospitality Corporation. Kinseth will construct a 15-million dollar extended stay hotel connected to Music Man Square.
The development agreement includes a 2-million dollar loan with 4 percent interest, but no interest for the first three years, and a 2-million dollar loan guarantee.
Kinseth says construction could begin on the new hotel as soon as mid-August.
