City council to consider Self-Support Municipal District tax

BY DI STAFF | OCTOBER 28, 2011 7:20 AM

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The Iowa City City Council is scheduled to host a public hearing and the first consideration of the implementation of a self-supporting municipal district Nov 1, according to the council agenda released Thursday.

The district would have a special levy in which businesses would essentially tax themselves. The money from the tax would go to the marketing and improvement of downtown and North Side Marketplace.

The tax would be $2 for every $1,000 of taxable value. If passed, the tax would become effective in the next fiscal year and last four years, with the possibility of being renewed.

It is estimated the levy would generate $282,000 a year. The University of Iowa also said it will contribute $100,000 because downtown is important to the school.

The proposal has gained approval from 39 percent of businesses in the district. The proposal would be terminated if a protest petition is signed by 40 percent of the property owners with 40 percent of assessed value and is submitted before the proposal passes.

— by Asmaa Elkeurti

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