The owners of the Black’s Building in downtown Waterloo have filed for bankruptcy to shield the building from a sheriff’s sale, according to the Waterloo Cedar Falls Courier. Midtown Development operates the building. They filed for Chapter 11 reorganization protection in July after MidWestOne Bank won a foreclosure action in Black Hawk District Court. MidWestOne is owed $4.9 million. Midtown also owes $458,000 in property taxes to Black Hawk County, $603,000 in loans to the Molinaro family, more than $100,000 for credit cards, and $31,000 to contractors. The owners, Verner and Donna Nelson filed for bankruptcy themselves in August to avoid the liquidation of a condo on West Commercial Street and a commercial building on Sycamore Street. The Nelson’s blame the situation, at least partially, on pandemic restrictions.
