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NORTHWESTERN NAT. BANK OF SIOUX CITY v. METRO CTR.

No. 64676.

303 N.W.2d 395 (1981)

NORTHWESTERN NATIONAL BANK OF SIOUX CITY, Appellee, v. METRO CENTER, INC.; Iowa Public Service Company; Raymond G. Alvine & Associates, Inc.; Beam & McIntosh; Maurices Iowa Inc.; Audino Construction Company and Audino-Donovan; City Council of Sioux City; The City of Sioux City, Iowa; Woodbury County, Iowa; The State of Iowa and The Iowa Department of Revenue; The United States of America; J. Myron Olson and Sons, Inc.; Gerald F. Hoffman, d/b/a Consultants to Management International, Ltd.; Consultants to Management International, Ltd; Metz Baking Company, and Security National Bank of Sioux City, Iowa, Defendants, Audino Construction Company, Appellant.

Supreme Court of Iowa.

As Corrected April 9, 1981.

Rehearing Denied April 10, 1981.

Attorney(s) appearing for the Case

James W. Redmond and Thomas M. Plaza of Gleysteen, Harper, Eidsmoe, Heidman & Redmond, Sioux City, for appellant.

Steven A. Carter of Carter & Sar, Sioux City, for appellee.

Considered by LeGRAND, P. J., and UHLENHOPP, McCORMICK, LARSON and SCHULTZ, JJ.

LARSON, Justice.

An extensive Sioux City urban redevelopment project, commenced with great enthusiasm and optimism, sputtered and eventually died. The site, intended for construction of a large shopping center, was dubbed the "Brandeis hole" when construction stopped at the excavation stage. The corporation charged with the development of the project, Metro Center, Inc., had borrowed money from the Northwestern National

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