UPDATE: G8 Development has officially dropped its lawsuit against Mason City and the Mason City Chamber of Commerce Foundation.
The dismissal was filed Friday morning in Cerro Gordo County District Court, clearing the way for the River City Renaissance project to move forward.
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MASON CITY, Iowa- After speaking to Mason City city staff, the developers of the River City Renaissance project has yet to drop the lawsuit against the city and the Mason City Chamber of Commerce Foundation.
The lawsuit was filed by San Diego developer Philip Chodur of G8 Development on July 18 citing a breach of contract after the city moved forward with Gatehouse Capital to lead the project.
When city staff met with the Iowa Economic Development Authority in December, the board gave the city three requirements in order to be awarded the state funding: proof of a hotel branding, proof of funding and the lawsuit dropped.
When the city signed the development agreement Thursday of last week, it gave G8 five business days to drop the lawsuit.
Those we spoke with from the community say they want to see this project move forward, but they also want this suit ended.
“It’s been in the process for five years or more,” says Tyler Thompson, of Mason City. “We should probably just let it go, it's this far in the works already.”
If the lawsuit is not dropped Friday the city will start the process of searching for a developer all over again.