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G8 contract terminated

The city made the final decision on Tuesday.

Posted: Oct. 23, 2018 10:49 PM
Updated: Oct. 23, 2018 10:49 PM

Speech to Text for G8 contract terminated

Below is the closed-captioning text associated with this video. Since this uses automated speech to text spelling and grammar may not be accurate.

first... developing story new developments on a project set to transform downtown mason city. we told you last night the developer of the river city rennaissance project had not met its deadline to provide proof of funding for the project. now it's official... the city council has terminated their agreement with gá8 newsroom káiámát news 3's kaleb gillock was at the special meeting and is live in the newsroom with the details.... thank you katie. that's right... they gathered at city hall earlier this evening with a couple dozen people in attendance. and the meeting was a short one.xxx with nearly every seat full in the city hall conference room... it did not take the city council very long to vote on terminating its agreement with gá8 development. yes, yes, yes, yes, yes. the unanimous decision comes after the city notified the californiaá based developer on september 7th... giving them 45 days to prove they could fund the contruction of the project. the city made a final formal request for that documentation it still wasn't provided and that's when the notice of default was filed. that 45 day cure window on the notice of default is now run and the city has now elected to terminate because that documentation was not provided. but the attorney representing the developer says the purchase á sale á and development agreement does not include require this documentation be presented to the city nor the iowa economic development authority... and they're demanding for it to be rescinded. they have the right to make whatever claims they wish to make it's unfortunate it comes back to legal documents being sapped backáandáforth rather than just moving forward with the project but that's where we're at now as for where the city will go from here... burnett says it is too early to say... but he seemed optimistic about the direction things are headed. live in the newsroom á kaleb gillock á káiámát news 3./// thank you kaleb. burnett says no other developer has chosen yet for the project./// enjoy the sunshine
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