Local residents have put together a petition after the Iowa City City Council voted to lend $2.5 million in public money toward a 14-story mixed-use building earlier this year. The city councilors could end up reconsidering the agreement during their next meeting July 10.

The petition’s deadline is after the public hearing, and organizers need the signatures of 697 eligible voters.

If the petition is successful, the city councilors may abandon the bond proposal, call for a special election on the bonds — as many locals are requesting — or use a bond that is not subject to a reverse referendum, according to city documents.

Many residents believe they should have been able to vote on whether developer Marc Moen should receive $2.5 million in tax-incentive financing for his 114 S. Dubuque St. development.

The City Council will hold a public hearing on July 10 in which it will decide whether to authorize and issue $2.8 million in taxable general obligation urban-renewal bonds.

The councilors will need to approve the issuance of the bonds in order to come up with the $2.5 million TIF funding for Moen’s building.

The council voted April 3 to provide Moen with the $2.5 million TIF loan. Moen has repeatedly said he cannot complete the project without the city’s help.

The standing agreement between the city and Moen allows for the upfront TIF money to be provided if Moen allows the city the right to a minimum assessment of roughly $5.8 million on the development and roughly $1.3 million on the Plaza Towers condominium unit.

— by Kristen East