SIOUX CITY, Iowa — A federal judge had ordered the appointment of a receiver to manage a 12-story historic art deco building in downtown Sioux City while foreclosure proceedings against the building’s owner and developer continue.
The Sioux City Journal reports that the order was issued Friday for the historic Badgerow Building.
The move came after a federal judge in California earlier this month dismissed a bankruptcy filing by developer Mako One Corp., of Carlsbad, California.
Cedar Rapids Bank and Trust filed for foreclosure on the Badgerow Building in April, saying Mako and its partners defaulted on a $6 million bond agreement to help renovate the building. The bank said at the time that it was owed more than $4.4 million.
The Badgerow Building was built in 1933 and is listed on the National Register of Historic Places.
Information from: Sioux City Journal, http://www.siouxcityjournal.com