TIF district for Towncrest Project

BY DI STAFF | SEPTEMBER 21, 2011 7:20 AM

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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

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