The Iowa City City Council passed an ordinance Tuesday night making the city a tax increment financing district.
According to the proposal, the TIF ordinance will allow the city to put new taxes — derived from developed taxable property in the Urban Renewal Project Area — in a fund for loans, grants, and indebtedness, among other things.
The city councilors passed and adopted the ordinance on a 6-0 vote.
— by Kristen East
