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Iowa City to become a tax increment financing district

BY DI STAFF | MARCH 21, 2012 6:30 AM

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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


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