City Councilor: city isn't "giving away money" with TIF for Moen building

BY DI STAFF | JUNE 06, 2012 6:30 AM

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One city official denied the notion that the city is "giving away" money to local developer Marc Moen for his 14-story building.

"We are not giving them money," City Councilor Jim Throgmorton said. "We are loaning them money in order to help achieve some public benefits that have been articulated clearly in the previous City Council meetings."

Throgmorton said the city has now decided to provide the funds to Moen in the form of tax-increment financing, having a total value of $2.5 million.

City Councilors approved the TIF loan for Moen's building at its April 3 meeting.

Throgmorton said the company will have a maximum of 18 years to pay back the city loan. He also pointed out the benefits that this building would create for the city.

"The building and the activities that take place within this building will diversify the population and employment base of downtown Iowa City and thereby strengthen the downtown and the city as a whole," he said.

The building plans to allot two floors to retail, three to Class A office space, workforce housing, and two luxury units on the top.

—By Rishabh Jain

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