The Iowa City City council voted in favor of financing an urban-renewal project through tax-increment financing Tuesday.
A TIF ordinance was proposed in order to provide such financing through new developments from the project.
With a 6-0 vote, the city adopted the Towncrest Urban Renewal project. Councilor Connie Champion abstained, citing a potential conflict of interest.
Adopting the TIF ordinance is the second step in setting up a tax-increment district.
— by Asmaa Elkeurti
