THE SIOUX CITY COUNCIL VOTED MONDAY TO TERMINATE THE DEVELOPMENT AGREEMENT WITH LAMB ARTS TO RENOVATE THE FORMER CHANNEL 9 TV PROPERTY AT 625 DOUGLAS INTO A NEW PERFORMING ARTS CENTER.
THE COUNCIL APPROVED THE ITEM WITHOUT COMMENT THAT WAS PLACED ON THE CONSENT AGENDA AND NO CITIZENS SPOKE ON THE ISSUE. WHERE THE CITY FORGAVE THE $350,000 LOAN MADE IN 2017 TO ENABLE LAMB TO PURCHASE THE PROPERTY.
IN FEBRUARY, LAMB NOTIFIED THE CITY THAT IT DID NOT INTEND TO REPAY THE NOTE AND WAS UNABLE TO MAKE THE NECESSARY REPAIRS TO THE BUILDING THAT WAS RED TAGGED LAST JUNE 3RD.
THE CITY WILL TAKE TITLE TO THE BUILDING IN LIEU OF FORECLOSURE AND WILL RECEIVE ANY INSURANCE PROCEEDS ON THE BUILDING FOR AN EXISTING CLAIM WHICH IS UNDER APPEAL.
