SIOUX CITY, Iowa (AP) — Sioux City is appealing a judge’s order that it pay $1.2 million on a promissory note guarantee the city made for the developer of a movie theater complex.
The Sioux City Journal reports (http://bit.ly/1f75ErH ) attorney Jeff Wright, who is representing the city, says Sioux City is “challenging the ruling as a whole.”
It could be a year before the Iowa Supreme Court or Court of Appeals makes a ruling.
District Judge John Ackerman ruled in August the city must pay $1.2 million to First National Bank for defaulted payments and $300,000 annually through 2018.
The case stems from the bank’s more than $5.6 million loan to Civic Partners in 2003 to build the $13 million Promenade Cinema 14 movie theater and retail space.
Civic Partners stopped making payments in 2009.
Information from: Sioux City Journal, http://www.siouxcityjournal.com