River City Renaissance developer is in default

Had until Monday to submit necessary funding information.

Posted: Sep. 17, 2018 4:22 PM

MASON CITY, Iowa – G8 Development is in default over the River City Renaissance Project.

The Iowa Economic Development Authority gave the developer and Mason City until Monday to provide documentation that funding for the project is secure. City Administrator Aaron Burnett says G8 failed to meet that deadline.

However, there will now be a 45 day period when G8 Development could “cure” the default by providing the proper documents. That deadline will be October 22.

Mason City and G8 Development announced in July that funding was secure for the River City Renaissance Project but state officials say official documents proving that were never filed, something which must happened before any state funding can be approved for the multi-million dollar project.

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