Upon receiving notice that the city of Sioux Falls planned to terminate its development agreement in a multi-million dollar downtown project word comes from the company who was developing a 15-story building that would include a parking ramp, two hotels, and retail and office space.

The City of Sioux Falls received a statement from the developers of the mixed use parking ramp and hotel project on Wednesday and their decision to terminate the agreement which came earlier this week.

In a statement issued on Wednesday, "Village River Group is very disappointed in the decision that was made by the City of Sioux Falls to terminate the development of an ideal $45 million project in downtown Sioux Falls. This project would have brought in millions in real estate tax revenue, sales tax revenue, entertainment tax revenue, and downtown business improvement district revenue, and notably without the use of tax increment financing."

According to KSFY TV, VRG also says it presented the City of Sioux Falls with legal documents today further outlining its position on the termination of the agreement. VRG ended its press released by saying, "Because of the potential litigation arising from these events, we cannot provide further comment on the matter at this time.”

More From Hot 104.7 - KKLS-FM