The Iowa City City Council will vote on the third and final consideration of a tax-increment-financing ordinance.

The ordinance would allow for taxes from the Urban Renewal Project Area property to be placed in a TIF fund. According to the proposal, these funds may be used for loans, rebates, grants, advances, indebtedness, or bonds payable for projects.

The city councilors approved the first and second considerations on 7-0 votes.

— by Kristen East