Settlement worked out over land in Storm Lake, IA - KTIV News 4 Sioux City IA: News, Weather and Sports

Settlement worked out over land in Storm Lake, IA

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STORM LAKE, Iowa (KTIV) -

City leaders in Storm Lake, Iowa will vote Thursday on a piece of land that has been sitting idle for several years.

In 2008, Regency purchased the site to build condos. However, after laying the foundation for the project, the company went bankrupt, putting the land up for sale.

In 2011, Sunset Bay Reflection bought the property at auction.

Along with purchasing land, the company also got stuck with the back taxes that city officials says equaled about one-million dollars.

But, Sunset Bay never paid those taxes, and the matter was brought to court.

A settlement was just recently reached with Sunset Bay and the county.

As part of the settlement, the city agreed to purchase the property from the company and pay back money to the county.

City officials said this was something that needed to be done, before it was too late.

"We want to see something built and the longer it sits out there, the concrete foundation, sits out there, the more deteriorated the concrete gets," Storm Lake City Manager Jim Patrick said.

Again, the city will vote Thursday on the $303,000 settlement agreement tomorrow.

Once it's finalized, Patrick said they can move forward by hiring their own developer to utilize the land.

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