City leaders have voted to drop their appeal of a judge's ruling that the city of Sioux City pay more than $1-million dollars on a promissory note guarantee the city made for the developer of the Promenade movie theater complex.
In 2005, the project developer for the Promenade refinanced a bank loan under a promissory note with Sioux City as it's co-signer. Four years later, that developer, Civic Partners, stopped making payments. This left the city on the hook for the payments.
Monday night, by unanimous vote, the city council agreed to pay $300,000 a year through the year 2018. "This has been a complex matter. Unfortunately it's been strung out over a number of years. There's still a ways to go before we finally have a final resolution to all parties involved," said Nicole Jensen, City Attorney.
There's a parallel case in bankruptcy court, right now. Civic Partners has filed for Chapter-eleven bankruptcy plan that wasn't confirmed by the bankruptcy court a few weeks ago. They have filed an appeal of the judge's order regarding that decision. And that will continue over the next few months. Sioux City is currently a creditor in the bankruptcy proceeding.
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