Sioux City's city council is plotting its next move after a judge ordered the city to pay more than $1-million in connection with a defaulted promissory note.
Almost a week after a District Judge John Ackerman ruled the city of Sioux City pay more than one million dollars in the Civic Partner's loan default debacle, City Leaders are formulating a strategy for how to move forward.
They've got options.
If they intend to appeal, they've got a little over three weeks left to do it. They can also pay up. In addition, City Attorney Nicole Jensen says the city could also take its own legal action against Civic Partners which still has a case pending in bankruptcy court.
"The city is waiting to hear what the court may do regarding the plan that has been filed by Civic Partners. We're still waiting for the Judge to enter an order related to that," said Jensen.
All this stems from debt service guarantees the city made in a development agreement with Civic Partners, the developer of the downtown Promenade Cinema 14 movie theater complex. In 2005, the California developer refinanced under a promissory note, but then stopped making payments 4 years later.
During the citizens comment period at Monday's City Council meeting a member of the public, speaking on behalf of local taxpayers, pointedly asked the council if it's common for the city to co-sign on a loan. He was met with a 'no'. Mayor Bob Scott added, "I suspect this will never happen again".
The Promenade Theater, and the other businesses in the complex aren't related to the decision.
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