Dorsey and Whitney LLP, the firm that represents the City of Fort Dodge interests in regards to the sports Pavilion, officially served a Notice of Forfeiture of Real Estate Contract this afternoon to MandM LLC and other stakeholders.
The letter was personally directed to David Lane of Ankeny, and Matt Johnson of Fort Dodge. The notice alleges 10 different contract failures.
Eight of those violations include monthly instances of ‘failure to timely make the payment’ from November 1st 2025 to June 1st 2026. According to the Real Estate Contract, MandM LLC was required to make deposits into a special deposit account at Green State Credit Union that is subject to control agreement, naming the City of Fort Dodge as a secured party.
Another noted issue documented was a failure to deliver monthly financial information, including monthly balance sheets, income statements and cash flow statements. These statements were required by purchase contract to be prepared by a Certified Public Accountant and delivered by the 10th of the month.
The final issue noted was the failure to to deposit all income and revenue from the operation of the Pavilion into the deposit account.
The Notice of Forfeiture states the Contract shall stand forfeited unless the Buyer (MandM LLC) corrects the terms and conditions in default within 30 days.
This is a progressing situation, and we will keep you up to date as the City works to protect its interests in this matter.
