Mason City, Iowa – Mason City has terminated an agreement with their downtown hotel developer.
At last night’s city council, the council unanimously voted to terminate an agreement G8 Development and the company’s Philip Chodur. There is no more purchase, sale and development agreement between the two entities.
Last night’s meeting – held after G8 development failed to produce evidence of financing for the city’s hotel after a notice of default on September 7th.
Chodur had 45 days, which was Monday to remedy the default.
The city and Gatehouse Capital, the project new developer will move forward.