The independent newspaper of the University of Iowa community since 1868

The Daily Iowan

The independent newspaper of the University of Iowa community since 1868

The Daily Iowan

The independent newspaper of the University of Iowa community since 1868

The Daily Iowan

City Council approves first consideration of TIF ordinance

Iowa City City Councilors approved the first consideration of a tax-increment financing ordinance.

The TIF ordinance would establish Iowa City as a tax increment financing district.

According to the proposal, the ordinance would allow for taxes derived from taxable Urban Renewal Project Area property to be placed in a TIF fund. The TIF funds would be used for loans, rebates, grants, advances, indebtedness, or bonds for City Council-approved projects.

City councilors approved the first consideration on a 7-0 vote.

An ordinance requires three readings; councilors will vote on the second consideration during its meeting on March 6.

— by Kristen East

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