Sioux City leaders asked to pull out of Badgerow Building project
In 2008, the city put pen to paper, and inked a deal with a California developer to help fund a major remodeling project at the Badgerow Building, which has sat downtown for 80-years, and sat empty for the last three.
Sioux City gave Bruce DeBolt $800,000 to help bring the building up to code.
In exchange, DeBolt agreed to a $3.5 million assessment on the building.
SIOUX CITY, Iowa (KTIV) Then, in September of 2012, DeBolt indicated that he wanted to move on to phase two of the project.
That involved a $1.2 million forgivable loan upon competition and a $10 million assessment beginning in January.
Monday night, Sioux City leaders voted to formally end that agreement.
"He will not be, and he is not requesting any additional funds from the city, and we won't be going to that ten-million dollar minimum assessment. Essentially, that's a mutual understanding but it also reflects the fact that he did not make the goals that he had set out to be made by this fall," explained Economic Development Director Marty Dougherty.
DeBolt told us he is moving ahead with phase two, but has found a different funding source.
He's working with Chevron and bonding out the project.
He also says he's secured a tenant, a data center, that will move in when all the permits are secured.
Click here to read more about a $50 million lawsuit filed by DeBolt's company, Mako One, against a Sioux City architect.
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