Sioux City to Make Back Payments on Loan Guarantee
SIOUX CITY, Iowa (AP) - The City Council has voted to make up the back payments owed on a downtown movie complex in Sioux City.
The council voted 5-0 on Monday to pay First National Bank $1.3 million and potentially $300,000 a year through 2018 on the loan guarantee.
A judge ruled in August the city must make up the defaulted payments and send the future payments. 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.
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