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MASON CITY | The River City Renaissance Project took another turn on Aug. 17, when the Iowa Economic Development Authority added a default contingency involving an agreement between Mason City and G8 Development, the hotel developer for the project.
Local officials said the city s attorneys are currently reviewing the agreement to determine what may constitute a default by Philip Chodur, president/CEO of G8 Development. Chodur didn t respond to an email for comment Thursday or Friday.Â
Director of Development Services Steven Van Steenhuyse said Tuesday city attorneys will have a recommendation in a couple weeks.
A section of the agreement lists ways a default could occur, including G8 failing to start hotel construction in a timely manner or G8 filing for bankruptcy. It s unclear, however, what timeline exists for those, or any other part of that section of the agreement.