City officials have provided an update on the status of the River City Renaissance Project following last week's Iowa Economic Development Authority (IEDA) Board meeting:
The IEDA Board has requested proof that G8 Development, the hotel developer, has secured financing. This has not been provided to date. The IEDA Board has directed the City to provide the document by September 17 or show proof that the City has initiated default procedures against G8, with the intent of looking for a new hotel developer.
While unfortunately the process is taking a long time, and affects many businesses and properties, the City remains committed to the River City Renaissance project and has no intention of giving up. The plan is to stay on the current course so that hotel construction can begin this year. However, if forced to find a new developer, they will secure one who is qualified and can complete the project.