SIOUX CITY, Iowa (AP) – A California-based developer has defaulted on a $6 million bond agreement, raising questions about the future of a 12-story art deco structure built in 1933 that has fallen into disrepair in Sioux City. The Sioux City Journal reports that Cedar Rapids Bank and Trust filed for foreclosure on the building earlier this month, saying Mako One Corp., its managing partner Bruce DeBolt and two other limited liability companies owe more than $4.4 million in principal, interest and advances.

Officials with the bank say the default puts the issuance of state and federal tax credits in jeopardy, leaving it at risk of losing “a significant portion” of collateral. The bank has asked a judge to appoint a receiver to take over the property.