McQuillen Place, a project vital to the continued rebirth of downtown Charles City, Iowa, has sought chapter 11 protection, the Cedar Valley Business Monthly reported. While the renovation could still be realized, it won’t be through local attorney Charles Thomson, whose LLC, McQuillen Place, filed for bankruptcy last week. Thomson, the developer behind the $8.6 million project on the corner of Main and Clark streets, lists 20 debtors to whom he owes money. At the top of the list is First Security Bank of Charles City, which claims McQuillen Place Co. LLC owes it $2.75 million as the primary financier of the project. Bankruptcy documents note the bank's claim is in dispute. Court documents state McQuillen Place Co. owes Floyd County $212,530 in real estate taxes dating back to September.
